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5/22/19
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Stos Partners has purchased a 64.7k sf industrial property in Temecula for $7.1 mil, or $110/sf. The property was sold by Calavo Growers, an international farm products company known for its distribution of avocados.
Located at 28410 Vincent Moraga Dr, the facility has been occupied by Calavo Growers since 1985. The building features an open warehouse, refrigerated cooler space, large yard space, excess land, dock loading, heavy power and 125 parking spaces. Calavo has primarily used the building as an avocado packing plant and will continue its operations under a new long-term, 30,000 square-foot lease in Suite B of the building.
The property is located within one mile of the I-15 Fwy that connects Temecula to both Riverside and San Diego counties. The surrounding area is home to many other corporations including Abbott Labs, Medline, FF Enterprises and Motorola Solutions. Several of Temecula’s most popular dining and entertainment venues are also in proximity to the site.
CBRE’s Rob Gunness and Kevin Kelly represented Calavo in the transaction. According to Kelly, the buyer will be completing a renovation that will create an even better environment for Calavo to operate in, while also improving the value of the asset.
The Inland Empire industrial market showed no signs of deacceleration in the first quarter of 2019 due to impressive demand levels and solid rental growth, according to a CBRE research report. Activity was balanced across all size ranges, due to a strong local economy from top to bottom. New big-box industrial facilities drew strong interest from e-commerce users, while smaller product under 300k sf was popular among logistics companies and other supporting industries. Overall, expectations for the industrial market in 2019 are high with occupancy gains and rental growth projections on par with the previous year.
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