TEMECULA, Calif. –– CBRE facilitated the sale of three buildings in the Highland Business Center in Temecula, Calif., to a private buyer from Beverly Hills undergoing a 1031 exchange for $13.55 million.
Matt Pourcho and Matt Harris of CBRE’s Investment Properties represented the seller, Providence Real Estate Group, a California-based commercial real estate company, in the transaction.
“We continue to see Los Angeles-based 1031 capital as the most aggressive buyer pool,” said Mr. Pourcho, executive vice president at CBRE. “In today’s environment, 1031 buyers are still sought-after, given their strong motivation to close. We were pleased to have such a great buyer and seller in this smooth transaction.”
The three buildings are located at 40880, 40935 and 40945 Country Center Drive, respectively, in north Temecula across 6.3 acres. The three buildings, totaling 68,068 sq. ft., are fully leased to 24 tenants, with each tenant occupying, on average, 2,835 sq. ft.
The buildings feature 14′ clear heights and drive-in doors for transporting goods. The buildings have been renovated and have access to fiber-optic broadband. Located north of State Route 79 and east of Interstate 5 and 215, the property’s tenants can easily connect to key Southern California distribution routes.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
