Temecula office complex part of property exchange
Toronto-based Avison Young has arranged an exchange of four high-end properties in Southern California, including two in the Inland Empire.
The 1031 exchange was worth $26.9 million, according to a statement.
Properties included 66 apartment units and a mobile-home park scattered throughout Southern California. All of those were traded for Madison Avenue Plaza, a 70,749-square-foot office property in Temecula.
The seller of the portfolio was a private investor in San Diego whose name was not released. The seller of Madison Plaza, was an affiliate of Providence Capital Group Inc. in Encinitas who also wished to remain anonymous.
One of the portfolio properties was Wagner Mobile Home and RV Park, a 171-space community for seniors in Desert Hot Springs.
Madison Avenue Plaza is near Interstates 15 and 215 freeways, and is close to Starbucks, Subway, Filpipi’s Pizza Grotto, Annie’s Diner, and California Bank and Trust, among other amenities.
It’s also less than two miles from Old Town Temecula and about one mile from Promenade Mall, a regional mall that covers more than 2.2 million square feet, according to the statement.