IE Business Daily Business news for the Inland Empire.
Two industrial buildings in Temecula that combined cover 166,000 square feet have been sold.
The structures, at 26201 Ynez Road and 42259 Rio Nedo Road, were bought recently by Cire Equity in San Diego for $24 million, according to a statement.
The seller’s name was not disclosed. The sale price is about $145 per square foot.
Both sales were part of a six-building transaction that included four Class-A industrial structures in San Marcos.
Those buildings, which were sold earlier this year to Investcorp Real Estate Inc. in Ontario for $50 million, cover approximately 221,000 square feet. That sale price is about $226 per square foot.
“This portfolio provided a great opportunity for the two buyers to acquire a critical mass of institutional quality industrial real estate in San Diego’s north County and the city of Temecula in the south Riverside County market, said Aric Stark, executive vice chair of capital markets with Cushman & Wakefield, in the statement.
Cushman & Wakefield represented the seller in the transaction.
