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”.