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6/26/20
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A 35.3k sf office building in Temecula was purchased by a high-net-worth, private buyer for $5.18 mil ($147/sf). The property was sold by MIG Real Estate, out of Orange County.
Located at 1 Ridgegate Drive, the Class A office building was originally built in 2003. Recent property improvements include new asphalt, landscaping, building exterior and interior paint, as well as a new HVAC system. The building is occupied by 15 diversified tenants in the legal, title, technology and financial services industries. The average suite size is approximately 2k sf.
The property is one mile west of I-15, a major Southern California freeway that connects Temecula to both Riverside and San Diego Counties. Downtown Temecula, which features dozens of the area’s most popular dining, retail and entertainment options, is also one mile from the site.
CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson represented the seller in the deal. The all-cash buyer was represented by an outside firm.
“This is a high-quality and stable asset in one of Southern California’s fastest growing markets,” said Pourcho. “Several of the tenants have been in the building for well over ten years, and the building has enjoyed occupancy of over 90% for more than seven years.”
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