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TEMECULA, CA-San Francisco-based Bay West Equities has paid $12.3 million for a 223,140-sf manufacturing, distribution and office facility located on 11.1 acres at 42301 Zevo Dr.

The asset, known as Temecula Heights Corporate Center, was 50% leased when Kearny Real Estate sold it to Bay West Equities. The seller-financed deal was at a 9.7% capitalization rate, assuming the property is stabilized.

“We believe we have made another strategic buy of a well-located, high-quality property, which will offer excellent returns to our investors,” says Bay West Equities CEO Jerry Lynch. “The continuing dynamic growth in the Inland Empire is encouraging in light of the uncertain economies in many submarkets.”

The purchase brings Bay West Equities’ acquisitions to nearly $75 million since it decided two years ago to increase the size of its portfolio. Bay West Equities hopes to acquire $50 million in properties this year. Their core markets are in Northern and Southern California, as well as Hawaii. Besides the industrial, multifamily and hotel sectors, Bay West Equities’ portfolio includes mobile home parks and condominiums.

Marty Smith and Allen Nunez, principals of Coldwell Banker Commercial Almar Group in Temecula, represented Kearny Real Estate in negotiations with Bay West Equities.

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