Lee & Associates Negotiates $4.1 Million Retail Sales Transaction
Torrance, CA – February 6, 2012 – (RealEstateRama) — Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $4.1 million sales transaction for a 5,107-square-foot retail building located at 44575 Avenida de Missiones in the southern California town.
Brian Bielatowicz, senior vice president of the Lee & Associates Temecula Valley office represented the seller, Riverside County’s Credit Union. Brent Bohlken of Grubb & Ellis represented the buyer, First Citizens Bank. According to Bielatowicz, the building, a former Altura Credit Union with a double drive through, was vacant at the time of the sale.
The sale transaction comes on the heels of two other notable retail deals in the Temecula area completed by Bielatowicz. The first, a 120-month retail lease for the 20,100-square-foot space at 1735 West Florida Ave, was completed on behalf of SKBB Investment, Corp., the property’s landlord. The tenant, Fallas Parades, is an apparel store new to the Hemet market. The second was a retail sales transaction, in which he represented the seller, Franke Family 2008 Trust, in the $1.43 million sale of the 22,278-square-foot property at 1921-1925 West Florida Ave to an investor looking to rehab the existing property.
“These deals reflect a noticeable increase in new tenant activity portfolio-wide on our retail properties in the Inland Empire as a whole,” says Bielatowicz. “This is leading to positive absorption on what is considered “A” properties and this recent activity is squeezing the supply which is starting to translate into interest on what might be considered “B” or “C” properties.”
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 45 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
