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8/10/23
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A Beverly Hills-based 1031 exchange investor spent $13.55 mil on three buildings totaling 68.1k sf of space in the Highland Business Center in Temecula. The properties were sold by Providence Real Estate Group.
The three buildings are situated across 6.3 acres at 40880, 40935 and 40945 Country Center Drive in north Temecula. They are fully leased to 24 tenants, with each tenant occupying, on average, 2.8k sf of space.
The buildings feature 14' clear heights and drive-in doors for transporting goods. They have been renovated and have access to fiber-optic broadband. Located north of State Route 79 and east of Interstate 5 and 215, the property's tenants can easily connect to key Southern California distribution routes.
Matt Pourcho and Matt Harris of CBRE's Investment Properties represented the seller in the transaction.
"We continue to see Los Angeles-based 1031 capital as the most aggressive buyer pool," said Mr. Pourcho, executive vice president at CBRE. "In today's environment, 1031 buyers are still sought-after, given their strong motivation to close."
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