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| Dan Vittone |
Los Angeles, CA – Avison Young, the world’s fastest-growing
commercial real estate services firm, announced today that it has completed the
$3.38-million sale of a two-building, 36,911-square-foot (sf) office property
in Temecula, CA.
Avison Young Principals Dan
Vittone and Alan Pekarcik, based
in the company’s Orange County office, represented the seller, Plaza Del Rio,
LLC.
The buyer, The Stewart Group, LLC, was represented by Coldwell Banker
Commercial. The property was 75% leased at close of escrow, and the closing cap
rate was approximately 7%.
Built in 1986 and 1988, the buildings are situated on 2.08
acres at 28999 and 28991 Old Town Front Street approximately one mile from the
historic Old Town area of Temecula, a city within southern Riverside County.
The property is near Interstate 15 and is 75% occupied by 15 tenants.
“The Stewart Group was drawn to the property because of the
firm’s familiarity with the area and need for a replacement property to satisfy
a 1031 exchange,” comments Vittone. “In addition, the buyer could benefit from
immediate value creation by leasing the building out on rentable square feet,
as the prior owner leased the space based on a zero core factor.”
For a complete copy of
the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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