Home Real Estate Lee & Associates negotiates $1.4 million (£1.06 million) industrial property sale

Lee & Associates negotiates $1.4 million (£1.06 million) industrial property sale

by Jonathan Adams

Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $1.4 million (£1.06 million) sales transaction for a 12,349-square-foot, 12-unit multi-tenant industrial building, located at 41419 Pear Street, in Murrieta.

Gordon Mize and Michael Strode, CCIM, SIOR, Senior Vice Presidents of Lee & Associates Temecula Valley, represented the seller, John & Angela Duncan. Richard Marsh with Colliers International represented the buyer, Gary & Rebecca Shute.

Strode said, “This transaction was typical of a buyer coming out of a tax deferred exchange sale and purchasing the property to complete a 1031 exchange. The buyer chose this property due to its long history of low vacancy and an opportunity to raise rents to a market level to improve cash flow”.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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