Despite office markets across California recording a number of challenges over the last several years, several markets – including Temecula – continue to see properties trade hands. One property that has recently been placed on the market is a nearly fully occupied property totaling 72,250 square feet. According to a property listing from CBRE, Tower Office Plaza has been placed up for sale with pricing guidance set at $15.7 million, or about $217 per square foot.
The four-story office building was constructed in 1990 and sits on nearly 4.5 acres at 2755 Ynez Road. In addition to its office space, the listing shows that the property also includes a courtyard with a large water feature. The site has also received more than $1.1 million worth of renovations over the past five years, including new landscaping, parking garage updates and other structural upgrades and modernizations throughout. Public records show that the current owner of the property is the Nelson Family Trust.
According to CBRE, the property is approximately 89 percent occupied, with tenants including Coworking Connection, Edward Jones, Temecula Valley Advanced Wound Care, Travorium and various others. Amazon is also leasing 90 parking spaces within the parking garage’s top-level for driver training, recently renewing its lease for the third time.
The property is situated just south of Temecula Town Place, and is overall surrounded by approximately 1.9 million square feet of retail. The site also sits just off Interstate 15 and just north of Old Town Temecula.
Overall, Temecula’s office market has been performing well compared to the greater Southern California region. According to CBRE, the Temecula/Murrieta region has a vacancy rate of just 3.8 percent for Class A office buildings- about 5.33 percent on average over the past three years. In comparison, the Inland Empire as a whole recorded a 8.3 percent vacancy rate, according to the most recent data in a fourth quarter office market report from CBRE.
