SENTRE announces today that it has closed on the $40.75 million acquisition of Temecula Heights, a 229,000-square-foot industrial facility located at 42301 Zevo Drive in Temecula, California. The building is fully leased, with 84% of the asset leased to a global leading Fortune 100 medical products company.
SENTRE acquired Temecula Heights at a cost of $178 per square foot. This deal marks SENTRE’s third purchase of industrial property in the Southern California region in 2021, following SENTRE’s purchase of the 75,000+ square foot Azusa Center for $12.5 million in April, and the 140,000+ square foot Rancho Bernardo Vista for $50 million in February.
“Despite the highly competitive environment, we are thrilled to have completed three strategic Southern California industrial acquisitions in the past six months. The $100M we have invested in infill industrial year-to-date puts us ahead of pace with respect to our strategic vision of acquiring $500M+ of industrial properties over the next five years,” said Doug Arthur, President and CEO of SENTRE.
Located within a short drive of Los Angeles, Orange County and San Diego, Temecula represents a strategic logistics hub with direct access to a large labor pool and features a nominal 2.07% market vacancy rate.
Temecula Heights is an attractively designed institutional quality distribution building constructed in 1998 with a notable entry plaza and high image exterior finish. The property offers 26-foot clear heights, early suppression fast response (ESFR) sprinklers, 27 dock doors and spans across eleven acres.
The seller of Temecula Heights and its affiliates remain undisclosed.
