Temecula Rancho Center Sold Just 36% Leased
Even a property that's only 36% leased can find a buyer, evidenced by Community Commerce Bank's sale of Temecula Rancho Center for just under $80/SF. The 10-suite, stand-alone retail building was an REO, NAI Capital SVP Cheryl Pestor told us yesterday. Why such high vacancy? According to Cheryl, the previous owner before the REO was a REMAX residential real estate company that occupied 64% of the building, and the property really hadn't been marketed for lease after that. She says the buyer is a long-term investor who is willing to improve the suites to lease them out. The current income--from a real estate office, a church, and a health center--"more than covers the building expenses in the meantime."