Avison Young brokers $1.75-million saleJune 25, 2018
Avison Young Principal Stan Nowak and Associate Cody Lerner, who are based in the company’s San Diego office, represented the seller, an entity of the property’s largest tenant, Pump it Up, which has signed a new five-year lease. The buyer, an Orange County-based private investor, was represented by Evergreen Realty. The transaction closed at a 6.13% cap rate.
“This industrial condo offered the buyer great tenants, an asset valued below replacement cost and ease of management,” comments Nowak. “Avison Young was able to sell the property at full asking price and help the seller meet its investment goals.”
Lerner adds: “Now more than ever, Southern California buyers are looking to inland markets like Murrieta for investment opportunities, as they present higher returns than coastal areas on comparable quality assets.”
Built in 2005 and situated on .32 acres at 41785 Elm Street, the property features 18-foot ceilings and eight truck bays. In addition to Pump It Up, which occupies 70% of the industrial condo, the two remaining tenants include Walk Off Athletics and Electronic Design Solutions, Inc. The condo is part of a larger building that totals 34,791 square feet.