According to Colliers International, a commercial real estate company who brokered the deal, the 29,502 square foot mixed-use sold for a total of for $7,650,000.
The iconic, three-story building is currently used for office and retail space, including Edge Restaurant, Crush & Brew, La Point Wealth Management, Reliable Realty, Southwest Desert Insurance, Living Yoga Center, Cornerstone, Eye Eco, and Canela Software.
Colliers International tells Patch that the sell will not affect the current tenants, who will continue on "as normal."
“The city of Temecula, and Old Town in particular, has seen strong growth coming out of the recession,” said Chuck Wasker, Senior Vice President of Colliers International, “This is evidenced by new spec office and mixed-use projects currently under construction as well as completed developments like Old Town Center being 100% occupied.”The Old Town Center is located at located at 28544 Old Town Front Street.
According to Colliers International, Chuck Wasker of Colliers International and Mark Kagan of Kagan Commercial Real Estate represented the seller, Old Town Center 1, LLC. Jim Ashcraft and Bill Harp of Ashcraft Investment Company represented the buyer, Fair Oaks Valley, LLC.