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3/01/24
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Tower Office Plaza, a 71.8k sf office property in Temecula, was acquired for $13.8 mil ($192/sf) by Level Asset Capital. The asset was sold by Providence Real Estate Group.
The Class A office building at 27555 Ynez Road sits within Tower Plaza, a remodeled grocery-anchored retail center. In addition to the four-story office building, the property includes a two-story parking structure and an oversized pond water feature.
The building is currently at 94% occupancy, with tenants ranging from medical providers to banking services.
Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE's Investment Properties represented the seller in the transaction. Level Asset Capital in-house exec Hugo Cosio repped the company in the purchase.
"Office sales in the Temecula and Murrieta areas remain strong and are somewhat isolated from all the corporate downsizing you hear about," said Pourcho.
"These tenants within this region are smaller service-based tenants that are sticky to a rent roll, such as doctors, CPAs, engineers, architects, attorneys, financial advisors and health care companies. These types of tenants provide owners with durable cash flow and pandemic-resistant changes. Furthermore, there was significant positive leverage for the buyer, providing a great yield,” added Pourcho.
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