Shopoff Realty Investments Acquires the Master Leasehold Interest of 2,096 Ground Subleases in Southern California’s Coachella Valley
CATHEDRAL CITY, Calif. – November 16, 2017 – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that it has acquired Westkin Properties, Ltd., which holds the master leasehold interests in several Cathedral City, Calif. properties, including the DoubleTree by Hilton Hotel Golf Resort Palm Springs.
“This investment is a strategic acquisition that sits at the core of our opportunistic real estate investment philosophy,” said Shopoff Realty Investments CEO, William Shopoff. “Large portions of the Coachella Valley are owned by Native Americans, which are commonly developed with long-term ground leases in place, benefitting both Native Americans and the communities surrounding the land. 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.”
The transaction totals 2,096 ground subleases, many of which are subleased to condominium owners. Commercial properties on subleases in this transaction include the DoubleTree by Hilton Hotel Golf Resort Palm Springs, Desert Princess Country Club and Cathedral Canyon Business Park.
“The Cathedral City portfolio represents a unique investment opportunity for the Shopoff team,” added Shopoff Realty Investments Executive Vice President David Placek. “We see the ground leases as being mutually beneficial to all parties, and we will utilize our experience to maximize the value and performance of the portfolio and individual real estate assets.”
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