Shopoff Acquires Southern California Master Leasehold with More Than 2,000 Ground Subleases

Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has acquired Westkin Properties, Ltd., which holds the master leasehold interests in several Cathedral City, California 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.

Shopoff Realty Investments is an Irvine, California-based real estate firm that primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The company’s 25-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).

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