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6/11/15
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The Stewart Group LLC paid $3.38 mil for a two-building, 36.9k sf ($92/sf) office property in Temecula. The property was 75% leased at close of escrow with a closing cap rate of approximately 7%.
Built in 1986 and 1988, the buildings are situated on 2.08 acres at 28999 and 28991 Old Town Front St, approximately one mile from the historic Old Town area of Temecula, a city within southern Riverside County. The property is near I-15 and is 75% occupied by 15 tenants.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Orange County office, represented the seller, Plaza Del Rio, LLC. The buyer was repped by Coldwell Banker Commercial.
“The Stewart Group was drawn to the property because of the firm’s familiarity with the area and need for a replacement property to satisfy a 1031 exchange,” comments Vittone. “In addition, the buyer could benefit from immediate value creation by leasing the building out on rentable square feet, as the prior owner leased the space based on a zero core factor.”
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