TEMECULA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced that it has completed the $9.35 million sale of a 102,320-square-foot industrial distribution and warehouse building located at 40761 County Center Drive in Temecula.
Avison Young Principal Stan Nowak and vice president Cody Lerner, who are both located in the Inland Empire office in Ontario, represented the seller Hill Properties/Rustica-Hill Temecula LLC, as well as the buyer, Kiwi II Construction. The asset is currently occupied by Walmart who renewed its lease for three years shortly after closing the deal.
Built in 1988 and situated on nearly 5 acres, the well-maintained asset is located just one-mile from Interstate 15 at the Winchester Road exit. It features a newly refurbished office build-out, an expansive warehouse with above-average electrical power supply, a fenced lot, 161 skylights, drive around access, 16 dock-high positions and four grade-level loading positions and 120-foot truck courts.
“The Temecula industrial market continues to experience an increasing level of both investor and tenant activity as this area offers convenient freeway access as well as accessibility to San Diego and Orange counties and other parts of the Inland Empire,” Nowak said. “Additionally, Temecula is a thriving residential market as it offers a high quality of life and more affordable housing options compared to neighboring areas. This creates an abundant labor base of people that are seeking to live close to their place of employment.”
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 120 offices in 20 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.