IE Business Daily Business news for the Inland Empire.
A vacant logistics building in Temecula has sold.
Westcore, a San Diego-based real estate acquisition and asset management firm, bought the structure at 27731 Diaz Road for $10.8 million, according to a statement.
“We plan to refresh the warehouse’s existing office space, repaint inside and out and pave the unimproved dirt that fronts Diaz Road,” said Hack Adams, managing director with Westcore, in the statement. “Our future tenant, or tenants, will have occupancy flexibility, which helps us appeal to a wide range of users.”
A global operation with offices in England, Germany and Austria, Westcore and its affiliates have bought and managed more than $6 billion worth of office and industrial properties -approximately 1,200 buildings and 50 million square feet – since its founding in 2000.
This is the company’s first purchase in Temecula.
Colliers represented Westcore in the negotiations. Lee & Associates represented the seller, whose name was not released.
