IE Business Daily Business news for the Inland Empire.
A two-building office complex in Murrieta has been sold.
The buildings at Interstate 15 and Kalmia Street sold for $7.75 million, according to Avison Young, the commercial real estate firm.
Avison Young’s Irvine office represented the seller, Village Walk Square LLC, and the buyer, Village Walk Murrieta LP.
The sale was announced Tuesday.
Built in 2004, both buildings are three stories each and can be seen from the freeway. One structure, called Village Walk Corporate Center, covers 32,500 square feet, has 11 tenants and is currently 96 percent occupied.
The second building, which covers a little more than 5,000 square feet, is fully occupied by Pacific Western Bank.
Both structures are part of the first phase of Village Walk Murrieta, a 65-acre mixed-use business park that includes more than 400,000 square feet of upscale specialty stores, senior housing, restaurants and offices.
The transaction in southwest Riverside County, a growing office market, works well for the buyer and the seller, said Dan Vittone, a principal with Avison Young and one of two brokers who negotiated the deal.
“The seller was able to dispose of a stable asset that is outperforming the immediate submarket, and the buyer acquired a high-quality asset below replacement cost,” Vittone said in a statement.
Toronto-based Avison Young was founded in 1978. It is a global commercial real estate firm with 58 offices and more than 1,500 real estate professionals worldwide, according to the statement.
