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11/24/20
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Diaz Commerce Center, a 131.6k sf industrial asset in Temecula, was purchased by a local investor for $14 mil ($106/sf). It was sold by MCA Realty, who initially acquired the property in September 2018 for $10 mil.
Located at 27711 Diaz Rd, the property consists of two buildings. During their ownership, MCA implemented a series of improvements including the addition of LED lighting, updated asphalt, and increased the parking. In addition to these improvements, the firm also added additional fenced yard space, which created better functionality for the building.
“Industrial property, including multi-tenant industrial, is an asset class that has continued to perform despite the pandemic,” Tyler Mattox, Principal at MCA Realty, explains. “There has been a continued shift towards more last mile distribution and rising e-commerce use and this trend has been exacerbated by the current environment, making industrial properties attractive to many investors.”
Scott Stewart at Lee & Associates represented MCA. Barret Woods, also with Lee, repped the buyer.
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