CBRE announced real estate investment and management firm Stos Partners has purchased an industrial property in Temecula, for $7.1 million owned by Calavo Growers.
CBRE’s Rob Gunness and Kevin Kelly represented the seller, Calavo Growers, an international farm products company known for its distribution of avocados.
Located at 28410 Vincent Moraga Drive, the 64,678 square-foot industrial property has been occupied by Calavo Growers since 1985. The building features an open warehouse, refrigerated cooler space, large yard space, excess land, dock loading, heavy power and 125 parking spaces. Calavo has primarily used the building as an avocado packing plant and will continue its operations under a new long-term, 30,000 square-foot lease in Suite B of the building.
The property is located within one mile of the I-15 freeway that connects Temecula to both Riverside and San Diego counties. The surrounding area is home to many other corporations including Abbott Labs, Medline, FF Enterprises and Motorola Solutions. Several of Temecula’s most popular dining and entertainment venues are also in proximity to the site.
“Calavo Growers has enjoyed a long history as a staple of the agriculture industry in California, and we are very pleased that this history will continue,” Kelly said in a CBRE press release. “This deal creates a ‘best of both worlds’ scenario, as the buyer will be completing a renovation that will create an even better environment for Calavo to operate in, while also improving the value of the asset.”
Gunness added, “The Southwest industrial submarket remains very strong. Due to the extremely limited speculative product to supplement the demand and low vacancy, rents will continue to rise for good industrial product in 2019.”