Commercial Real Estate Transaction
June 25th, 2020 – CBRE announced the sale of an office building in Temecula, Calif. to a high-net-worth, private buyer for $5.18 million.
CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson represented the seller, MIG Real Estate, an Orange County-based real estate investment firm. The private buyer was represented by an outside firm.
Located at 1 Ridgegate Drive, the 35,258 square-foot, Class A office building was originally built in 2003. Recent property improvements include new asphalt, landscaping, building exterior and interior paint, as well as a new HVAC system. The building is occupied by 15 diversified tenants in the legal, title, technology and financial services industries. The average suite size is approximately 2,000 square feet.
The property is one mile west of I-15, a major Southern California freeway that connects Temecula to both Riverside and San Diego Counties. Downtown Temecula, which features dozens of the area’s most popular dining, retail and entertainment options, is also one mile from the site.
“This is a high-quality and stable asset in one of Southern California’s fastest growing markets,” said Pourcho. “Several of the tenants have been in the building for well over ten years, and the building has enjoyed occupancy of over 90 percent for more than seven years.”
DeLorenzo added, “The property received multiple offers within two weeks of marketing, and the buyer that was selected was an all cash buyer with a 10-day due diligence period.”