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6/15/18
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Temecula Oaks, a 33.3k sf office building in Temecula, sold for $5.8 mil, or $174/sf. The deal closed at a cap rate of 7.5%.
Built in 1985 and renovated in 2015, Temecula Oaks is situated on 2.58 acres at 28765 Single Oak Dr and is within Rancho California Business Park, one of the area’s most prestigious business locations. The multi-tenant asset is 93% occupied and features newly renovated common areas, extensive window lines, and mature landscaping. The property is located next to the future Home2 Suites by Hilton hotel, which is currently in the development stages.
Temecula Oaks, which includes 156 parking spaces, is well-located at the corner of Rancho California Rd and Business Park Drive, offering easy access to the 15 Fwy and numerous retail and dining amenities.
Corey Martin and Matt Shaw with Avison Young represented the seller, KPN Industrial LLC, as well as the buyer, Spruce Grove Inc.
“Temecula Oaks represents a great value-add success story,” comments Martin. “We originally represented the seller when it acquired the property in December 2014. During that escrow, we implemented an extensive capital-improvement program, increasing the occupancy level to 60% from 20%. Shortly after close of escrow, occupancy rose to 93%. Temecula Oaks continues to be a well-located asset producing consistent stabilized cash flow and is a great addition to our new buyer’s portfolio.”
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