Irvine, CA – July 18, 2014 – (RealEstateRama) — Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $7.75-million sale of two, class A office buildings totaling 37,652 square feet (sf) in Murrieta, CA.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the seller, Village Walk Square, LLC, as well as the buyer, Village Walk Murrieta, LP.
Built in 2004, the well-located buildings offer high visibility from Interstate 15. The first building in the acquisition is called Village Walk Corporate Center and is located at 41391 Kalmia Street. The three-story property totals 32,572 sf and was 96% occupied by 11 tenants at the close of escrow. The second building in the sale is located at 41381 Kalmia Street and totals 5,080 sf. The building is fully occupied by Pacific Western Bank.
The two assets are within the first phase of Village Walk Murrieta, a 65-acre mixed-use business park which includes more than 400,000 sf of upscale shops, restaurants, seniors housing and office buildings.
“This transaction was a favorable one for both the buyer and seller,” comments Vittone. “The seller was able to dispose of a stable asset that is outperforming the immediate submarket, and the buyer acquired a high-quality asset below replacement cost.”
Vittone adds: “Murrieta has a growing population base that wants to work close to where it lives as opposed to commuting to employment centers such as San Diego or Orange County. With that said, the Murrieta office market is poised to strengthen over the next few years.”
The City of Murrieta is situated within southwestern Riverside County. Murrieta – part of the greater Temecula Valley market, which includes the cities of Temecula and Menifee – has emerged as a major employment center for the local area. Murrieta’s projected expanding employment base and the region’s affordable housing provide favorable conditions for commercial real estate investment now and in the foreseeable future.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 58 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties