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March 21, 2019
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SOUTHERN CALIFORNIA NEWS
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Office Campus in Murrieta Lands New Owner in $14 Mil Acquisition

12/19/18

Silverhawk Corporate Center, an 80.2k sf office campus in Murrieta, was purchased by Coseo Properties Inc for $14.3 mil ($178/sf). The Class A, high-image suburban office project featuring two buildings sits on 6.05 acres at 38975 and 38977 Sky Canyon Drive.

The property was sold by San Diego-based Silverhawk Partners, who purchased another regional suburban office center in Carlsbad, also for $14.3 mil. At the time of the sale, Silverhawk Corporate Center was 92% leased by such tenants as Universal Health Services Inc, Magnecomp Corp, Edward D. Jones & Co and GoDaddy. The campus also boasts an expansive courtyard, water installations, koi pond and onsite amenities. The building is glass lined with hillside and golf-course views.

The property sits adjacent to State Hwy 79, offering great visibility and easy access. It is located at the corner of Winchester Rd and Murrieta Hot Springs Rd, two of southwest Riverside’s best economic corridors with abundant amenities. In addition to the surrounding retail businesses, the campus is adjacent to the Golf Club of Rancho California and French Valley Airport.

CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, Doug Mack and Sammy Cemo represented the seller in the transaction. Coseo represented itself.

“Murrieta has more than twice the population growth than any other Southern California region, and well-located suburban office properties remain very popular,” said Pourcho. “Due to low vacancies in the area, rental rates are expected to surpass the previous peak as seen in gateway office markets. This sale gives Coseo a great opportunity to bring rents up to market and take advantage of excellent fundamentals not seen on other office markets. You can buy these properties for almost half of replacement costs.”

Rent growth is projected at 18.3% rent growth in Riverside County over the next five years, according to CBRE Econometric Advisors. The San Diego and Inland Empire office market continues to set new records as they merge together, lifted by strong market fundamentals, according to CBRE research. Demand in the area is largely driven by government, public service and healthcare-related tenants. Buoyed by the e-commerce boom, the availability of more affordable housing and the addition of amenities have transformed the Inland Empire from sleepy commuter suburbia into a vibrant live-work-play environment.





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