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December 14, 2019
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INLAND EMPIRE NEWS
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Temecula Industrial Facility Traded for $28 Mil

11/08/19

A fully-occupied, 224.4k sf industrial facility in Temecula has sold in a $28 mil ($125/sf) transaction. The facility sits on just over 15 acres at 41995 Zevo Dr, west of I-15 off Winchester Rd.

The property was purchased by a 1031 / 1033 exchange buyer, Karney Properties, who plans to hold the property long-term. It was sold by Zevo Drive Holdings LLC, who was an owner-user operating in the facility as Glasswerks.

Stan Nowak with Avison Young represented both parties in the deal. Jay Maddox, also with Avison Young, consulted on the financing of the deal.

According to Nowak, prior to putting the asset on the market, they were able to lease two vacant spaces to Fortune 500 companies. With strong leases in place at the time of sale, as well as the potential for development upside on the excess land, the buyer saw this as a prime, cash-flowing investment opportunity for both the short and long-term.

The new leases included Motorola Solutions Inc, who signed a 12-year lease for 107k sf, and Keystone Automotive/LKQ Corp, who signed a seven-year lease for 35k sf. Avison Young’s Corey Martin repped the landlord side in the off-market signings. In addition, Glasswerks occupies approximately 83k sf at the property.





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