Wednesday , February 8 2023
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Real Estate

Office tenants still getting free rent

Despite a relatively strong economy, landlords continue to offer free rent in order to secure long-term office deals. On average, owners of office space nationwide agreed to 12.5 months of free leasing on deals signed during the first quarter of 2021, a 29 percent increase year-over-year, according to CBRE. Tenant-improvement …

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Senate bill has homebuilding industry up on its heels

housing market

SB-12, is intended to keep single-family homes out of areas deemed a high risk for fires, according to its proponents. But its foes see the bill as yet another example of bureaucratic overreach on the part of Sacramento lawmakers that could deliver a crippling blow to the state’s housing industry.   …

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World Logistics Center settlement reached

A Moreno Valley developer and a coalition of environmental activist groups on Thursday reached a $47 million settlement regarding what will be one of the world’s largest warehouse-distribution operations. Developer Highland Fairview will invest up to $12.1 million in electric vehicles at the World Logistics Center, a 40.6 million-square-foot project …

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Temecula warehouse-distribution building sells for $16 million

Record year for large warehouses in IE

A 109,000-square foot warehouse distribution facility in Temecula has been sold. Westcore, which buys, develops, and manages west coast industrial properties, bought the facility at 28381 Vincent Moraga Drive for $16 million from an unidentified party, according to a statement released this week. The building covers 6.6 acres. “This building …

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Palm Desert multifamily project sold

A 12-unit townhome project in Palm Desert has sold for $3.4 million. The Fred Waring Townhomes at 73881 Fred Waring Drive consists of three buildings, all of them recently renovated. CBRE represented the seller, identified only as a local private investor, and the buyer. Information about the buyer was not …

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Colton apartment complex sells for $88 million

building sold

District at Grand Terrace, a 352-unit multifamily property in Colton has been sold for $88 million. Institutional Property Advisors, a division of Marcus & Millichap, negotiated the transaction, according to a statement. Tower 16 Capital Partners, a commercial real estate brokerage in Encinitas, was the seller.  MG Properties Group in …

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