Overview
Greater Palm Springs continues to offer investors and owner-users a quality mix of opportunistic repositioning plays, high-visibility retail and resort-district land, and stabilized income properties. This month’s featured listings range from a large-format movie theater in Rancho Mirage to net-leased retail on Highway 111, as well as industrial and multifamily offerings in growth corridors and redevelopment districts.
Market Intel
Land and redevelopment opportunities remain a central theme. Resort-oriented parcels in Indian Wells and entitlement-ready land at the I-10/Jefferson interchange in Indio are positioned to capture tourism demand, festival traffic, and longer-term residential growth.
Net-lease retail continues to attract buyers seeking predictable cash flow and contractual rent growth, particularly along the Highway 111 corridor, where national tenants and high daily traffic counts support long-term location fundamentals.
Industrial inventory in the eastern valley is still a priority for operators who need service and distribution capacity close to I-10, while investors continue to underwrite pricing through the lens of replacement cost, tenant-credit dynamics, and the durability of logistics demand tied to population growth and regional trade.
Rancho Mirage | Retail | Regal Cinemas in Monterey Marketplace
Address: 72777 Dinah Shore Dr, Rancho Mirage, CA 92270
Listing Agent: Keith Kropfl (keith.kropfl@avisonyoung.com)
Property Type/Subtype: Retail – Movie Theater
Building Size: 63,909 SF (2 stories)
Lot Size: 10.18 acres
Year Built: 1999
Sale Type: Investment or Owner User
Occupancy: Vacant
Parking: 450 spaces
Zoning: C3 (use to be confirmed with the City of Rancho Mirage and applicable CC&Rs)
Asking Price: Not disclosed on the public listing
Market Intel:
Large-format entertainment boxes are increasingly evaluated as flexible redevelopment shells – for example, experiential retail, fitness, medical, education, or mixed-use concepts – where zoning and CC&Rs allow. The key underwriting questions typically revolve around entitlement pathway, parking ratios, and the cost/feasibility of demising or reconfiguring the building footprint.
Overview:
This 63,909-square-foot, 16-screen movie theater sits at one of the region’s highest-profile intersections with strong regional accessibility. For an owner-user, the existing improvements may offer a cost-advantaged path compared to ground-up construction; for an investor, the value proposition hinges on the depth of potential users and the city’s receptiveness to adaptive reuse.
Indian Wells | Land | Resort/Commercial Parcel
Address: 0 Indian Wells Lane, Indian Wells, CA 92210 (APN 633-240-042)
Listing Agent: Mark Fitter (markfitter@me.com)
Property Type/Subtype: Land – Commercial
Lot Size: 4.88 acres (212,573 SF)
Sale Type: Investment / Development
Asking Price: $12,500,000 ($2,561,475/acre)
Zoning: Commercial (City of Indian Wells directs entitlements/allowable uses)
Market Intel:
Scarce, resort-district land trades in Indian Wells typically price off entitlement confidence and end-use optionality. Buyers will focus on site access, utility capacity, hotel/resort adjacency, and the city’s design and planning framework, particularly if hospitality, branded residential, or mixed-use concepts are contemplated. The city will likely play a strong role in shaping future development based on our intel from sources familiar with its preferences.
Overview:
This 4.88-acre parcel is positioned within a premier sector of the resort market and is being marketed as a high-profile development opportunity. With a limited supply of comparable sites, the asset is likely to attract groups seeking long-term value creation – subject to the feasibility of the intended use, approvals, and infrastructure considerations.
Palm Desert | Office/Industrial | Millennium Park Office Building
Address: Gerald Ford Dr & Technology Dr, Palm Desert, CA 92211
Listing Agent: Maggie Montez (mmontez@leedesert.com)
Property Type/Subtype: Office / R&D
Building Size: 20,000 SF (approx., per listing)
Lot Size: 1.38 acres (approx., per listing)
Sale Type: Investment or Owner User
Asking Price: $6,300,000
Occupancy: Multi-tenant (buyer to verify rent roll/lease terms)
Market Intel:
Flex office/R&D buildings in established business parks can appeal to a wide range of users – medical, tech, professional services, and light industrial – depending on parking, loading, and interior configuration. Buyer focus typically includes lease rollover timing, TI obligations, and the building’s adaptability for higher-rent users.
Overview:
Located within Palm Desert’s Millennium Park area, this office/R&D offering is positioned for investors or owner-users seeking presence near key arterials and an established commercial node. The underwriting will depend on tenant quality and lease structure, as well as the cost of any repositioning required to meet market demand.
La Quinta | Retail (Net Lease) | Hobby Lobby
Address: 78810 Highway 111, La Quinta, CA 92253
Listing Agent: Christopher Tramontano (chris.tramontano@srsre.com)
Property Type/Subtype: Retail – Single Tenant (Net Lease)
Tenant: Hobby Lobby (buyer to verify lease and financial terms)
Building Size: 55,000 SF (approx., per listing)
Sale Type: Investment
Asking Price: $16,484,000 (pricing per marketing materials; buyer to verify)
Market Intel:
Net-lease buyers continue to prioritize tenant-credit perception, remaining lease term, rent escalations, and real estate fundamentals (visibility, traffic counts, and long-term corridor performance). Large-box retail also raises “alternate use” considerations that can support downside scenarios if a tenant vacates.
Overview:
This Highway 111 net-lease offering is positioned along one of the region’s primary retail corridors. With a national tenant and strong regional traffic, the asset is marketed to investors seeking stabilized income with durable location fundamentals.
Indio | Land | I-10/Jefferson Interchange Commercial Land
Address: Jefferson St & I-10 Offramp, Indio, CA 92201
Listing Agent(s): Susan Harvey (susan@dppllc.com); Emily Harvey (emily@dppllc.com)
Property Type/Subtype: Land – Commercial
Lot Size: 10.86 acres (approx., per listing)
Sale Type: Investment / Development
Asking Price: $6,000,000 ($552,486/acre)
Market Intel:
Interchange-adjacent land is typically valued for visibility and access, often drawing interest from retail pads, service commercial, hospitality, and, in select cases, hinted mixed-use concepts. Key due diligence items include ingress/egress, traffic patterns, utility service, stormwater management, and the entitlement timeline.
Overview:
Positioned near I-10 at a major Indio gateway, this commercial land offering is marketed for development. The site benefits from freeway proximity and regional connectivity that can support a range of commercial concepts, subject to approvals and infrastructure capacity.
Cathedral City | Multifamily | ‘The Jasper’ (Under Construction, Opportunity Zone)
Address: 68550 Grove Street, Cathedral City, CA 92234
Listing Agent(s): Erik Christianson (echristianson@hoffmanland.com)
Property Type/Subtype: Multifamily – Apartment
Units: 19 (under construction)
Asking Price: $10,950,000 ($576,316/unit)
Building Size: 19,868 SF
Year Built (projected): 2026
Sale Type: Investment
Construction Status: Under Construction; estimated completion March 2026 (listing)
Opportunity Zone: Yes (listing notes potential tax benefits; buyer to verify)
Unit Mix (listing): 4 studios (avg. $1,850/mo; 581 SF); 6 1+1.5 (avg. $2,250/mo; 849 SF); 9 2+2.5 (avg. $3,000/mo; 1,332–1,409 SF)
Market Intel:
New-construction multifamily delivered into infill locations is typically underwritten with an emphasis on rent comparables, absorption pace, and construction-to-permanent execution risk. When a project is in a Qualified Opportunity Zone, certain buyers may also evaluate the investment through a tax-advantaged lens, subject to eligibility rules and holding period considerations.
Overview:
‘The Jasper’ is marketed as a downtown Cathedral City infill project adjacent to recent and planned commercial activity, with completion targeted for March 2026. Investors will focus on execution risk (timing and budget), achievable rents, and the extent to which Opportunity Zone considerations improve after-tax returns.
Indio | Industrial | Warehouse/Distribution
Address: 45585 Commerce St, Indio, CA 92201
Listing Agent(s): Susan Harvey (susan@dppllc.com); Emily Harvey (emily@dppllc.com)
Property Type/Subtype: Industrial – Warehouse
Building Size: 66,116 SF (per listing)
Sale Type: Investment or Owner User
Asking Price: $8,246,500
Occupancy: Buyer to verify (marketing indicates warehouse opportunity)
Market Intel:
Indio industrial assets continue to attract attention from local and regional operators needing proximity to I-10 and the eastern valley’s growth base. Underwriting often weighs functional specs (clear height, dock/grade doors, yard), power, and the ability to support modern logistics and service uses.
Overview:
This 66,116-square-foot warehouse offering is positioned for investors or owner-users seeking scale in an industrial corridor. The asset’s investment thesis will depend on building functionality and the competitiveness of replacement costs relative to current pricing.
