IRVINE – Avison Young announced that it has completed the $10.9 million sale of Temecula Corporate Park, an 86,882-square-foot, multi-tenant office and industrial park located at 43379, 43385,43391 and 43397 Business Park Drive in Temecula.
Avison Young Principal Alan Pekarcik and Senior Associate Chris Smith who are based out of the firm’s Orange County office represented the seller, an Orange County-based private investor, as well as the buyer, a Los Angeles-based private investor. The property closed at a cap rate of 6.45% and a price per square foot of $125.46.
Situated on 6.09 acres and built in 2002, Temecula Corporate Park is approximately 97% occupied and consists of one two-story office building and three single-story industrial buildings. The property is near the 15 freeway and the major cross streets of Diaz Road, Rancho Way and Rancho California Road.
“The Temecula area has been a hotbed for capital investment of industrial and office assets as it offers a strategic, freeway-close Southern California location, an abundant workforce and a desirable, amenity-rich residential community,” according to Avison Young.
Temecula is a place of rolling vineyards, historic traditions and modern conveniences combined to offer entertainment for people of all ages. Covering 30,169 square miles, Temecula is centrally located along the Interstate 15 and Interstate 215 freeway corridor in southwest Riverside County, just north of the San Diego county line.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 108 offices in 14 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
Submitted by Avison Young.