IE Business Daily Business news for the Inland Empire.
A Temecula office building has been sold for $13.8 million.
The Tower Office Plaza was sold recently by Providence Real Estate Group to Level Asset Capital, a commercial real estate investment firm in Irvine, according to CBRE.
“Office sales in the Temecula and Murrieta areas remain strong and are somewhat isolated from all the corporate downsizing you hear about,” said Matt Pourcho, executive vice president at CBRE, in a statement.
The Class A office building at 27555 Ynez Road is 94 percent occupied. It’s within Tower Plaza, a grocery-anchored retail center that was recently remodeled.
Besides the four-story 71,775-square-foot-office building, the property includes a two-story parking structure and a large pond.
CBRE represented Providence Real in the negotiations. Level Asset Capital represented itself.
