
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.”
- ◦Sale/Acquisition