IE Business Daily Business news for the Inland Empire.
An office building in Temecula has sold for $5.1 million.
MIG Real Estate in Newport Beach sold the 35,258 square-foot structure to a private investor whose name was not released, according to CBRE.
The building, at 1 Ridgeway Drive, was built in 2003 and is occupied by 15 tenants in the legal, title, technology, and financial services industries.
Recent improvements include asphalt, landscaping, exterior and interior paint, and a new air conditioning system. Average suite size about 2,000 squat feet.
The property is about one mile west of Interstate 15.
“This is a high-quality and stable asset in one of Southern California’s fastest growing markets,” said Matt Pourcho, a senior vice president with CBRE and a member of the team that represented MIG Real Estate, in a statement. “Several of the tenants have been in the building for well over ten years, and the building has enjoyed occupancy of over 90 percent for more than seven years.”
