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| 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.”
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| 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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