Investment Property Sale in Temecula Sets New BenchmarkMay 15th, 2014 by
The Margarita Professional Office Building located at 43920 Margarita Road in Temecula sold on April 23, 2014 as an investment sale for $2,250,000. The sale of the building represents a 6.3% Cap Rate at closing. Stan Nowak, Senior Vice President of Coldwell Banker Commercial Sudweeks Group who represented the Seller (Margarita Development, Inc.,) and the Buyer (Armstrong Building, LLC), said, “This sale sets a new high watermark for price per square foot on Professional Office investment properties in Temecula Valley over the past 5 years.” He continues, “During the escrow, I negotiated new lease signings and existing tenant lease renewals to fully stabilize the property.”
The single-story building consists of 8 individual suites, ranging in size from 1,090 square feet to 2,768 square feet. The property is centrally located along Margarita Road, just one block from the Temecula Valley Hospital, and benefits from the residential market of the surrounding area and the dynamic retail activity along Temecula Parkway.
The completion of this transaction signifies the 8th Professional Office Investment property and 16th Income Property sold in Temecula Valley by Stan Nowak in the last two years.