TEMECULA, CA-The Venture Corp. of Northern California has acquired a 44-unit, 128,000-sf industrial condominium project from CBC Remington, LLC for $14 million in a bulk sale that is one of the largest of its kind in this market. Jeff Givens, executive vice president of Coldwell Banker Commercial Almar Group's LP/Temecula office, says that his office will continue to market the units for sale or lease, with eight individual light industrial condo units scheduled to close within the next 30 days.
Givens, along with sales associates Corey Martin and Carey Pastor of the Coldwell Banker Commercial Almar Group office, represented both the buyer and the seller in the bulk sale. The project is located at 42225-42245 Remington Ave., about a mile west of the Interstate 15 Freeway.
The sale illustrates what market watchers describe as the Inland Empire's continued demand for all types of industrial space, from the smallest users to huge warehouse and distribution building operators. The 44 units at the Temecula project, called Venture Commerce Center, range from about 2,078 sf to 4,168 sf in two separate newly constructed buildings.
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