Walmart-Leased Inland Empire Asset Changes Hands
- Jan 03, 2020
Kiwi II Construction has acquired Highlands Distribution Center, a 102,320-square-foot warehouse in Temecula, Calif., for $9.4 million. Avison Young represented both the buyer and the seller, Hill Properties. The industrial property last traded in 2015, when Channel Commercial sold it to Hill for $7.4 million, according to Yardi Matrix data.
Located at 40761 County Center Drive on a 5-acre plot, the asset is just a mile from Interstate 15 and Palm Plaza Shopping Center. Built in 1988, the warehouse includes a recently refurbished office component, a fenced lot, 161 skylights, 16 dock-high positions and four grade-level loading positions. Walmart is the only tenant of the asset and will continue to occupy the property for the next three years. The retail company renewed its lease immediately after the deal closed.
Avison Young’s team included Vice President Cody Lerner and Principal Stan Nowak. In November, the latter was also involved in the sale of a 224,350-square-foot property located roughly 2 miles from Highlands Distribution Center. Nowak noted that the Temecula industrial market continues to experience an increasing level of investor and tenant activity, due to its accessibility to San Diego and Orange County, as well as its thriving residential market.