IE Business Daily Business news for the Inland Empire.
A 109,000-square foot warehouse distribution facility in Temecula has been sold.
Westcore, which buys, develops, and manages west coast industrial properties, bought the facility at 28381 Vincent Moraga Drive for $16 million from an unidentified party, according to a statement released this week.
The building covers 6.6 acres.
“This building has good bones and sits in an extremely tight sub-market with a vacancy that hovers around one percent and very limited new construction,” said Hack Adams, Westcore’s managing director, in the statement. “We are very optimistic this asset will attract strong interest from the immediate south Riverside sub-markets, or the nearby northern San Diego markets.”
Westcore plans to make several minor improvements to the property, including drought tolerant landscaping, a new roof and interior upgrades to the building’s office.
The San Diego-based company bought more than 11 million square feet of industrial properties, collectively worth more than $1 billion, last year, according to the statement.
