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Temecula's 'Old Town Center' Sells for $7.6 Million

The iconic, three-story office and retail property was built in 2009 and is located in the heart of the Historic Downtown District of Temecula.

One of Temecula's most recognizable buildings and shopping centers downtown has just sold for several million dollars, real estate agents tell Patch.

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. 

 

 



Alek J Hidell March 19, 2014 at 09:57 PM
Yach, growth ees gut. Growth means Jobs, und jobs mean WORK. und Work makes us FREEEEEE! Arbeit macht frei! Auf wiedersehen..
Lee Stout March 19, 2014 at 10:07 PM
Quote "Colliers International tells Patch that the ...sell... will not affect the current tenants, who will continue on "as normal." Doh!
JJ Mclure March 20, 2014 at 10:32 AM
work for illegals
Alek J Hidell March 20, 2014 at 01:17 PM
actually, illegals camp right nearby there in the bushes off Winchester onramp, pooping and pissing with the tweakers and the crazies. orale!
Zygo March 21, 2014 at 11:11 AM
I've gotta agree with Hidell on this one. While their rents will not immediately be effected...aka leases, once those leases are up, likewise so goes the rent.

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