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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
$7.75-million sale of two, class A office buildings totaling 37,652 square feet
(sf) in Murrieta, CA.
Avison Young Principals Dan Vittone and Alan
Pekarcik, based in the company’s Irvine office, represented the seller,
Village Walk Square, LLC, as well as the buyer, Village Walk Murrieta, LP.
Built in 2004, the
well-located buildings offer high visibility from Interstate 15. The first
building in the acquisition is called Village Walk Corporate Center and is
located at 41391 Kalmia Street.
The three-story property totals 32,572 sf and was 96%
occupied by 11 tenants at the close of escrow. The second building in the sale
is located at 41381 Kalmia Street and totals 5,080 sf. The building is fully
occupied by Pacific Western Bank.
The two assets are
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.
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| Alan Pekarcik |
“This transaction
was a favorable one for both the buyer and seller,” comments Vittone. “The
seller was able to dispose of a stable asset that is outperforming the
immediate submarket, and the buyer acquired a high-quality asset below
replacement cost.”
Vittone adds: “Murrieta has a growing population base that
wants to work close to where it lives as opposed to commuting to employment
centers such as San Diego or Orange County. With that said, the Murrieta office
market is poised to strengthen over the next few years.”
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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