Thursday, July 31, 2014

Avison Young completes $2.9-million sale of property occupied by Pacific Western Bank in Murrieta, CA

  
Dan Vittone

Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $2.9-million sale of a 5,080-square-foot (sf) class A building fully occupied by Pacific Western Bank in Murrieta, CA.

 Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the seller, WLA Investments, Inc. as well as the buyer, a private family partnership. The sale garnered a price per square foot exceeding $570.

 Built in 2004, and situated on 0.87 acres, the property includes a drive-thru, ATM and vault, and is located at 41381 Kalmia Street. 

The building is situated within the first phase of Village Walk Murrieta, a 65-acre, mixed-use business park which includes more than 400,000 sf of upscale shops, restaurants, seniors housing and office buildings.

 “Pacific Western Bank still has more than 10 years remaining on its lease and provided the trust buyer with a secure, long-term investment,” comments Vittone. “Single-tenant, triple-net leased assets in highly visible locations like this one are in demand by family offices and exchange investors as they seek low management investment portfolios with increasing annual returns.”

Alan Pekarcik
 The City of Murrieta is situated within southwestern Riverside County. Murrieta – part of the greater Temecula Valley market, which includes the cities of Temecula and Menifee – has emerged as a major employment center for the local area. 

Murrieta’s projected expanding employment base and the region’s affordable housing provide favorable conditions for commercial real estate investment now and in the foreseeable future.
  
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.

949.278.6224

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