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1/22/18
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An Orange County-based private investor paid $1.75 mil for a 13.8k sf ($127/sf), fully occupied, three-tenant industrial condo in Murrieta. The property was sold by an entity of the property’s largest tenant, Pump it Up, which has signed a new five-year lease.
Built in 2005 and situated on .32 acres at 41785 Elm St, the property features 18-foot ceilings and eight truck bays. In addition to Pump It Up, which occupies 70% of the industrial condo, the two remaining tenants include Walk Off Athletics and Electronic Design Solutions, Inc. The condo is part of a larger building that totals 34.8k sf.
Stan Nowak and Cody Lerner with Avison Young represented the seller in the transaction. The buyer was repped by Evergreen Realty. The transaction closed at a 6.13% cap rate.
“This industrial condo offered the buyer great tenants, an asset valued below replacement cost and ease of management,” noted Nowak. Lerner pointed out that SoCal buyers are looking to inland markets like Murrieta for investment opportunities, as they present higher returns than coastal areas on comparable quality assets.”
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