Temecula, CA - Avison Young announced today that it has brokered the $7.4 million sale of a class A 60,000-square-foot (sf) industrial building in Temecula, CA.
Avison Young Principal Stan Nowak and Associate Cody Lerner, who are based in the company's San Diego office, represented the seller, a local investment company. The buyer, a private investor, was represented by Kidder Mathews.
The buyer plans to use the building for Naturvet, the buyer's manufacturing and distribution business, and will be consolidating and expanding its current Temecula operations. The seller has been using the space for its industrial packaging business and has plans to vacate upon completion of development of its new, larger facility by May 2018.
"This was a beneficial situation for both the buyer and seller, as they are both owner-users that are thriving and growing in the greater Temecula market," comments Nowak. "With an industrial property vacancy rate of just under 2% and rents on the rise here, we believe that we will see a growing number of owner-user situations, as they present security in fixed real estate costs and are an appreciating asset over the long term."
Built in 2006 and situated on 1.28 acres, the property features multi-story office space, a large employee break room, conference room, a large warehouse, skylights, and multiple dock-high and grade-level loading bays. The property is 1.25 miles from Interstate 15 at the Winchester Road on/off-ramp.
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