Temecula, CA, April 15, 2016 --(PR.com
)-- Legacy Properties Group of Coldwell Banker Commercial SC (CBC SC) is pleased to announce they have successfully sold a substantial portion of the Temecula Corporate Center situated on Via Industria in Temecula, CA. The final selling price settled at $12.4 million.
Temecula Corporate Center is a ±186,687 square foot premier master planned business park located on fifteen acres offering a campus style setting. The Temecula Corporate Center portfolio sale featured nine free-standing buildings totaling 82,137 square feet and was comprised of three single story and two two-story office buildings ranging from 6,872 to 12,740 square feet as well as four free-standing flex industrial buildings ranging from 5,305 square feet to 6,018 square feet. This center is the current headquarters to a high net worth single tenant occupying 100% of four of the office buildings and a high net worth single tenant occupying 100% of the fifth office building.
Corey Martin, Matt Shaw and Stan Nowak of Legacy Properties Group represented both the buyer and seller in the transaction. Martin, Executive Vice President of Coldwell Banker Commercial SC, explained, “As Temecula’s premier business park, Temecula Corporate Center is a highly sought after development with design and finish reminiscent of a 'core market' asset. This project is particularly exclusive with not only long term stabilized cash flow but also provided a favorable quantitative value add component as well. Initially, the opportunity was an office component only, but we were able to restructure the offering to include five additional flex industrial buildings. Thereby achieving the objective of our seller by packaging a more prominent portfolio in conjunction with fulfilling our buyer’s larger 1031 exchange requirement. This ultimately provided a low risk profile and positioned the portfolio as long term hold income properties.”
Coldwell Banker Commercial SC is a full service commercial real estate and asset management firm with office locations in San Diego, Temecula, Ontario and Redlands.