IE Business Daily Business news for the Inland Empire.
A fully-occupied industrial building in Temecula has been sold for $28 million.
The 224,350-square-foot structure at 41995 Zevo Drive was purchased by Karney Properties in Santa Monica, according to a statement released by Avison Young, which negotiated the transaction.
The seller was Zevo Drive Holdings Inc., an owner-operator that has been using the building under the name Glasswerks.
Karney Properties, which owns and manages industrial properties in greater Los Angeles and Orange counties as well as Arizona, Colorado and Illinois, plans to hold the building “longterm,” according to the statement.
Shortly before the sale, Avison Young helped negotiate two leases on the property, both to Fortune 500 companies: Motorola Solutions, Inc., which signed a 12-year lease for 107,000 square feet, and Keystone Automotive/LKQ Corp. which signed a seven-year lease for 35,000 square feet.
Glasswerks, which makes custom and architectural glass, occupies approximately 83,000 square feet of the building, according to the statement.
