Temecula Industrial Sells to Beverly Hills-Based 1031 Buyer
CBRE facilitated the sale of three industrial buildings in the Highland Business Center in Temecula to a private buyer from Beverly Hills undergoing a 1031 exchange for $13.55 million. Located at 40880, 40935 and 40945 Country Center Dr. and totaling 68,068 square feet, the buildings are 100% leased.
Matt Pourcho and Matt Harris of CBRE’s Investment Properties represented the seller, Providence Real Estate Group, a California-based commercial real estate company.
“We continue to see Los Angeles-based 1031 capital as the most aggressive buyer pool,” said Pourcho. “In today’s environment, 1031 buyers are still sought-after, given their strong motivation to close. We were pleased to have such a great buyer and seller in this smooth transaction.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).