IE Business Daily Business news for the Inland Empire.
An industrial building in Temecula has been sold.
The 25,182-square-foot facility at 43223 Business Park Drive, which is vacant, sold for $2.6 million, according to a statement.
Avison Young, a global commercial real estate firm headquartered in Toronto, represented both parties in the transaction.
The buyer was Forum Capital LLC, a Scottsdale, AZ.-based developer. The seller was a private investor whose name was not released.
The building will be used to distribute automobile parts. Forum Capital is planning to expand the building to four to five times its present size once it’s occupied, according to the statement.
Built in 1991, the structure is part of the Rancho California Business Park. It has approximately 6,000 square feet of office space and is less than one mile from Interstate 15.
There is currently a “drought” of industrial buildings 50,000 square feet and under in southwest Riverside County, according to the statement.
