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March 18, 2018
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Tower Energy Group Buys Dev Site in Rancho Mirage


Tower Energy Group paid $5.65 mil for a 22.48-acre, mixed-use development land site in Rancho Mirage. The land parcel, situated on the northeast corner of Monterey Ave and Frank Sinatra Dr, in a rapidly growing area of the city, was sold by bankruptcy trustee Marshack and Hays.

To the immediate east of the property is the Marriott’s Shadow Ridge Golf Club and the Monterey Shore Shopping Center. Across the street, on Frank Sinatra Dr to the south, is Palm Desert Greens Country Club and Golf Course.

David Knowlton, Kirby Greenlee and Lynn Coker with NAI Capital represented the seller in the deal. According to Knowlton, this is one of the last significant commercially zoned properties in Rancho Mirage. Its development will fill an important need for retail space in the market.

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