|
|
2/24/15
|
A private investor spent $3.85 mil on a two-building 41.5k sf ($93/sf) industrial incubator property in Murrieta. The deal had a closing cap rate of 4.74%.
Built in 2002, and located at 26398 Deere Court and 41571 Corning Place, the two adjacent buildings feature 14-to-16-foot warehouse clear height, one grade-level roll-up door per unit, ample on-site parking and skylights. The property was 96% leased at close of escrow.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Orange County office, represented the seller, Murrieta Commerce Center LLC. The buyer used proceeds from the sale of a golf course located in Jurupa, CA to acquire the industrial site.
According to Avison Young’s Vittone, the asset was marketed as a pride-of-ownership development that provided an opportunity to bring rents up to market rates as they expire. The Murrieta location is well-situated from a logistical standpoint, near the 15 Fwy, and is between San Diego and the greater Inland Empire market.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
