SoCal Investor Expands Footprint With 224 KSF Buy
- Nov 11, 2019
Avison Young has completed the off-market sale-leaseback of a 224,350-square-foot industrial property in Temecula, Calif. Family-owned Karney Properties, the 1031/1033 buyer, acquired the complex for $28 million and plans to hold it long-term.
The former owner, Zevo Drive Holdings LLC, who remains a tenant in the facility as Glasswerks, worked with Avison Young to lease two vacant spaces before putting the property on the market. Motorola Solutions Inc. signed a 12-year lease for roughly 107,000 square feet and Keystone Automotive Industries Inc., a subsidiary of LKQ Corp., agreed to a seven-year lease for approximately 35,000 square feet. The asset at 41995 Zevo Drive is at full occupancy, with Glasswerks operating in the remaining 83,000 square feet.
The facility is located near the 215 and 15 freeways, which provide easy access for distribution. Recently, Temecula Valley has been attracting major investors such as Blackstone or Exeter Properties Group, with opportunities arising in Southwest Riverside County and Inland Empire East, according to Avison Young Principal Stan Nowak, who is based in the firm’s Inland Empire office.