Karney Properties Buys $28M IE Industrial Facility

Karney Properties has acquired an industrial facility in Temecula for $28 million owner-operator Glasswerks. The property traded hands in an off-market deal.

The transaction included two major lease deals, and a sale-leaseback with the previous owner. Both new leases were negotiated off-market on behalf of the landlord. The new leases included Motorola Solutions, Inc., who signed a 12-year lease for 107,000 square feet, and Keystone Automotive/LKQ Corp. who signed a seven-year lease for 35,000 square feet. Glasswerks occupies approximately 83,000 square feet.

Avison Young principal Jay Maddox who is based in the company’s West Los Angeles office consulted on the financing of the deal. Avison Young principal Corey Martin handled the lease transactions. Avison Young Principal Stan Nowak represented both the buyer and the seller in the deal.