The property is a light industrial and R&D building on a 7.35-acre site at 26201 Ynez Road.
Bay West purchased the property at a capitalization rate of approximately 9.1% on first-year revenues. The building is 100% leased to Magnecomp and one other tenant, Gold's Gym. Magnecomp occupies approximately 81,000 sf of the space and the gym occupies the balance.
The acquisition was funded by Bay West internally and completes a large 1031 exchange.
Marty Smith and Allen Nunez of Coldwell Banker Commercial in Temecula represented both seller and buyer.Jerry Lynch, CEO of Bay West, says the company was attracted to the property because of the "continuing dynamic growth in the Riverside County area," combined with the stable tenants.
Lynch founded Bay West in San Francisco in 1978. Its portfolio includes industrial properties, mobile home parks, condominium properties, hotels and apartments with a market value of nearly $210 million. He says the company has an acquisitions goal of $50 million to $75 million for 2003 and plans to focus on properties in Northern and Southern California and Hawaii.
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