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Shopoff Offloads Fee Simple Land Interest in Cathedral City
Shopoff Realty Investments has sold Date Palm Interiors, a fee simple land interest on homes located within the Desert Princess Community in Cathedral City, for $8 million. The interest includes ground leases on 159 homes adjacent to the DoubleTree Hotel.
“Date Palm Interiors’ structure is part of a complicated network of tribally owned land, which made this a very unique and somewhat overlooked investment by the greater real estate community,” said Shopoff president and CEO William A. Shopoff. “Our team was able to show potential buyers the value in this land interest and structure, coupled with our long-time presence in the Coachella Valley and strong relationship with the Bureau of Indian Affairs, we were able to facilitate a smooth transaction.”
Date Palm Interiors is part of Shopoff’s greater Westkin portfolio, acquired for $23 million in November 2017. This transaction follows the sale of the portfolio’s Cathedral Canyon Business Park in 2022 for $2.9 million. The two remaining assets in the portfolio, Las Estancias and Falcon Lakes, are currently marketed for disposition.
- ◦Sale/Acquisition
