IE Business Daily Business news for the Inland Empire.
An industrial park in Temecula has been sold for $13.5 million.
Jewel Capital LLC, a commercial real estate investment firm, recently bought the 68,000-square-foot project at 40880, 40935 and 40945 County Center Drive, according to a statement released by CBRE.
CBRE represented the seller, South La Brea LLC, also an investor in commercial real estate.
The three-building project is 97.4 percent leased, and its occupancy rate has been above 95 percent for more than seven years. It’s within walking distance of the Promenade at Temecula, which covers approximately 1.1 million square feet.
“Investor demand for well‑leased, multi‑tenant industrial properties in Temecula remains strong due to the market’s low vacancy and long‑term growth fundamentals,” said Matt Pourcho, executive vice president at CBRE, in the statement. “This asset’s below‑market rents and flexible parcel configuration made it attractive to buyers.”
