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8/26/25
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In a recent retail building trade out of Palm Desert, CA, a 5k sf freestanding structure sold for $1.75 mil ($350/sf). The building is located at 74120 Hwy 111, just off the signalized intersection of Highway 111 and El Paseo with visibility to over 49,000 cars per day.
The property sits in Palm Desert’s highly sought-after Downtown Edge District, which is an inviting and walkable area that blends commercial, residential, and service uses. It features nearly 100 feet of Hwy 111 frontage, dual access via front and rear parking lots, and is located less than a mile from the El Paseo Shopping District. Within a five-mile radius, the property enjoys a strong demographic base of more than 104,000 residents with an average household income of $151,000+.
The buyer, a family that owns and operates the neighboring Shiraz Rug Company, acquired the building to expand the store’s operations. The gallery features a wide selection of in-stock handmade, traditional and modern rugs as well as custom design services. The store also offers expert rug cleaning and repair services. With the purchase, their footprint will nearly double in size to approximately 10k sf, enabling them to stock and showcase a significantly larger selection of rugs and provide a better customer experience.
Heather Sharp with Progressive Real Estate Partners brokered the transaction.
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