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7/16/14
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Village Walk Corporate Center, a two-building, Class A office property totaling 37.7k sf of space in the Inland Empire city of Murrieta sold for $7.75 mil, or around $205/sf. Built in 2004, the property is located at 41381 and 41391 Kalmia St, adjacent to I-15 just west of the intersection with I-215.
The building at 41391 Kalmia St is three stories in height and contains 32.6k sf of space. It was 96% occupied by 11 tenants at the close of escrow. The building at 41381 Kalmia St totals 5.1k sf and is fully occupied by Pacific Western Bank. The two assets are within the first phase of Village Walk Murrieta, a 65-acre mixed-use business park which includes more than 400k sf of upscale shops, restaurants, seniors housing and office buildings.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the seller, Village Walk Square LLC, as well as the buyer, Village Walk Murrieta, LP.
“This transaction was a favorable one for both the buyer and seller,” comments Vittone. “The seller was able to dispose of a stable asset that is outperforming the immediate submarket, and the buyer acquired a high-quality asset below replacement cost.”
The City of Murrieta is situated within southwestern Riverside County. Murrieta – part of the greater Temecula Valley market, which includes the cities of Temecula and Menifee – has emerged as a major employment center for the local area. Murrieta’s projected expanding employment base and the region’s affordable housing provide favorable conditions for commercial real estate investment now and in the foreseeable future.
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