June 26, 2020
Newport Beach-based real estate investment firm, MIG Real Estate, sold an office building in Temecula, CA. The undisclosed buyer purchased the 35,258-square-foot office building for $5.18 million.
Located at 1 Ridgegate Dr., the asset was originally built in 2003. Recent property improvements include new asphalt, landscaping, building exterior and interior paint, as well as a new HVAC system. The building is occupied by 15 diversified tenants in the legal, title, technology and financial services industries.
CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson represented the seller.
Pourcho says, “Several of the tenants have been in the building for well over ten years, and the building has enjoyed occupancy of over 90% for more than seven years.”
DeLorenzo added, “The property received multiple offers within two weeks of marketing, and the buyer that was selected was an all cash buyer with a 10-day due diligence period.”
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