Institutional-quality distribution building located in the Temecula submarket of Inland Empire (Southern California) 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 market vacancy rate. The property is 100% leased to a leading multinational medical devices and healthcare company.
- Purchased a 229,000 SF high-quality, industrial building in the Temecula submarket of Inland Empire, California, for $40.75M ($178/SF) and 4.9% cap rate in July 2021
- Property is 100% leased through October 2033 to investment grade credit tenant Abbott Laboratories (NYSE: ABT | S&P Credit Rating: AA-), a Fortune 100 multinational corporation with a market cap of $204B as of Q3 2024, following a recently executed lease amendment including tenant’s expansion into 100% of the building
- Abbott Laboratories has been the anchor tenant at the property since 2002 with this location serving as the company’s distribution hub for critical product, highly focused on cardiovascular equipment, shipped throughout the country and overseas and plays a pivotal role in their operations
- Temecula, California is located within a short drive of Los Angeles, Orange County, and San Diego representing a strategic logistics hub with direct access to a large labor pool and featured a nominal 2.07% market vacancy rate upon closing
- Attractively designed institutional quality distribution building constructed in 1998 with 26’ clear heights, ESFR sprinklers, 27 dock doors, and HVAC in 84% of the building
- Invested an additional $1.4M ($6.11/SF) in building improvements in 2022 – 2023 to upgrade the Class A industrial building