
Shopoff Picks Up 2,096 Ground Subleases in Coachella Valley
Irvine, CA-based Shopoff Realty Investments acquired Westkin Properties, Ltd., which holds the master leasehold interests in several Cathedral City, CA properties, including the DoubleTree by Hilton Hotel Golf Resort Palm Springs (pictured). The transaction totals 2,096 ground subleases, many of which are subleased to condominium owners.
Shopoff Realty Investments’ William Shopoff says, “This investment is a strategic acquisition that sits at the core of our opportunistic real estate investment philosophy.” He notes that large portions of the Coachella Valley are owned by Native Americans,. and are commonly developed with long-term ground leases in place. “These ground leases provide significant economic development and employment opportunities throughout the region. This is a market that we know well and maintain a bullish outlook on,” said Shopoff.
Other commercial properties on subleases in this transaction include the Desert Princess Country Club and Cathedral Canyon Business Park.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition