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Avison Young Completes $28M Industrial Deal in Temecula
Avison Young completed the off-market, $28-million sale of a 100% occupied 224,350-square-foot industrial facility located on 15.1 acres at 41995 Zevo Dr. in Temecula, CA. The buyer was Karney Properties, while the seller was Zevo Drive Holdings, LLC.
Avison Young’s Stan Nowak represented the 1031/1033 exchange buyer. Nowak also represented the seller, which was an owner-user operating in the facility as Glasswerks. Avison Young’s Jay Maddox consulted on the deal financing.
Nowak says, “The sale is testimony to a trend of institutional and large private equity capital seeking select high-growth secondary and tertiary markets in a search for higher yields. Prior to putting the asset on the market, Avison Young worked with the owner-user to lease two vacant spaces to Fortune 500 companies.”
The new leases included Motorola Solutions, Inc., which signed a lease for roughly 107,000 square feet, and Keystone Automotive/LKQ Corp. which signed a lease for roughly 35,000 square feet.
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