Press Release brought to you by Lee & Associates

Rough Brothers Acquires Temecula Industrial Bldg

03/20/2014
$4.4M REO Sale Closes With Deferred Maintenance

By Elizabeth Davis, CoStar Group

First Citizens Bank & Trust sold the industrial property at 27711 Diaz Rd. in Temecula, CA to Rough Brothers, Inc. for $4.37 million, or about $31 per square foot.

Built in 1972, the warehouse totals 142,000 square feet on 10.2 acres at the northwest corner of Via Montezuma in the South Riverside County submarket. It features 14 loading docks and five drive-ins, 24-foot clear heights, 1,600-amp heavy power, foil, signage, and skylights. Reportedly there was some deferred maintenance, with the buyer expecting to put in $750,000 to cure.

The buyer will occupy 60,000 square feet there, while the remaining space is back on the market listed with Tobias Commercial.

Charley Black and Mike Strode of Lee & Associates represented the seller. Mahlon Tobias of Tobias Commercial represented the buyer in the sale.
03/19/2014 - 09:00

Source

Lee & Associates

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