A La Jolla real estate investment and development firm has acquired a Temecula industrial warehouse for $10.8 million.
Westcore bought the 62,625 square-foot building at 27731 Diaz Road from a private investor who was not disclosed.
Built on a 10.6-acre site, the vacant building has 14 dock-high doors, 30-foot clear height, cross-dock configuration, and a large decomposed granite secured yard.
“We plan to refresh the warehouse’s existing office space, repaint inside and out and pave the unimproved dirt that fronts Diaz Road,” said Hack Adams, managing director with Westcore. “Our future tenant or tenants will have occupancy flexibility, which helps us appeal to a wide range of users.”
Westcore was represented in the transaction by Brad Yates and Stefan Pastor of Colliers International.
The seller was represented by Barret Woods of Lee & Associates.
“We anticipate strong interest from the tenant market for this property because of Temecula’s growing residential population, its extremely low industrial vacancy rate and its proximity to the massive population bases of Inland Empire and San Diego,” Adams said. “With so much extra land, this is a unique industrial property well suited for a tenant who wants expansive yard space, trailer parking, or even additional square footage.”