UPTOWN JEFFERSON · 2020. 11. 19. · heart of the Uptown Temecula redevelopment plan within the...
Transcript of UPTOWN JEFFERSON · 2020. 11. 19. · heart of the Uptown Temecula redevelopment plan within the...
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REDEVELOPMENT OR OWNER/USER OPPORTUNITY
FOR SALE
UPTOWN JEFFERSON27727 JEFFERSON AVENUE | TEMECULA, CA 92590
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MATT SHAW, CCIMVice [email protected]# 01917622
No warranty or representation has been made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. Lee & Associates Commercial Real Estate Services, Inc. - Riverside. 25240 Hancock Avenue, Suite 100 - Murrieta, CA 92562 | Corporate ID# 01048055
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• PROPERTY OVERVIEW
• LOCATION
• REDEVELOPMENT OPPORTUNITY
• AREA OVERVIEW
UPTOWN JEFFERSON
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UPTOWN JEFFERSON
• Rare landmark location at the signalized corner of Jefferson and Via Montezuma, within the Uptown Center District which allows for up to 8 stories of mixed use/ residential
• Highly visible existing retail/office building with attractive aesthetics including mature landscaping, prominent signage opportunities, generous parking ratio and flexible floorplan options (most units currently in shell condition).
• Ideally located close to I- 15 & I-215 freeways for direct access to the surrounding counties
• Located within Riverside County, where the apartments vacancy rate is the seventh lowest in the nation
• Located near the vastly growing Temecula Valley Wineries, Hotels and the expansion of Pechanga and visitors that generate over $665 million annually
• Soon-to-be neighbors include Veteran owned and operated Bastard’s Canteen (located in same parking lot) and Hendo’s Barrel House & Distillery across the street.
• City of Temecula has offered several incentive options and expedited plan review.
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$2,990,900.00$3,250,000.00
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ADDRESS: 27727 Jefferson Avenue
CITY: Temecula
STATE, ZIP: California 92590
APN: 921-400-029
PROPERTY SIZE: 17,558 square feet
YEAR BUILT: 1985
STORIES: Single
PARKING RATIO: 4.04 per 1,000 square feet; reserved spaces available.
TENANCY: Multi
CONSTRUCTION TYPE: Wood Frame
BUILDING HEIGHT: 17’
ZONING: C1, Temecula
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UPTOWN JEFFERSON
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Strategically situated near the convergence of Interstate 215 & I-15 freeways with direct access to the Orange County, Riverside County and San Diego County marketplaces. Only 15 miles east of the Pacific Ocean and 4 miles south of the French Valley Airport.
Old Town Temecula is less than a mile away and offers some of the area’s best retail, restaurant and night life entertainment for the entire family. Additional area comforts include golf, resorts, wine country, Pechanga Resort and Casino and the Promenade Regional Mall.
Pechanga Resort and Casino offers hotel rooms, a resort-style pool complex, a large showroom which attracts A-list stars, a huge new spa, two new restaurants and abundant space for special events.
One of the fastest-growing and centrally-located business districts on the West Coast. The City of Temecula offers a cost-effective and business-friendly environment which provides access to a highly skilled labor force, high quality of living and a surplus of available affordable housing, making it a successful location for a wide variety of professional service firms and high technology companies.
Affluent trade area demographics with an average household income of $98,349 within a 5-mile trade area and $86,697 in a 3-mile trade area.
Temecula has strong future business growth potential and is poised to benefit from the influence of growing technology and biotechnology companies in the area.
PREMIER SOUTH WEST RIVERSIDE LOCATION
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CROWNE HILL1,054 UNITS
PASEO DEL SOL3,231 UNITS
MORGAN HILL1,126 UNITS
RIVERSIDE COUNTY SUB195 UNITSWOLF CREEK
1,707 UNITS
TEMECULA SUB11 UNITS
TEMEKU HILLSGOLF COURSE
HARVESTON3,240 UNITS
VILLAGEOF OLD TOWN
TEMECULAWINE COUNTRY
RORIPAUGH RANCH2,500 UNITS
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Acquisition Yr1 Yr2 Yr3 Yr4 Yr5 Yr6
Base Rental Revenue [1] 259,635 527,059 542,871 559,157 575,932 593,210 Expense Reimbursement Revenue 51,927 106,970 110,179 113,484 116,889 120,395 Effective Gross Revenue 311,562 634,029 653,050 672,641 692,820 713,605 Operating Expenses (Estimate @ $0.50 PSF) (103,854) (106,970) (110,179) (113,484) (116,889) (120,395) Net Operating Income 207,708 527,059 542,871 559,157 575,932 593,210
Leasing & Capital Costs TI's ($100.00 PSF) (1,730,900) LC's (6.00%) (165,413) Total Leasing & Capital Costs (1,896,313) - - - -
Operating Cash Flow (1,688,605) 527,059 542,871 559,157 575,932
Purchase Price (3,790,000) Gross Residual Value 8,475,000 All-CashCost of Sale (2.50%) (211,875) IRRCash Flow Before Debt (3,790,000) (1,688,605) 527,059 542,871 559,157 8,839,057 16.06%
16.06% 6.50% 6.75% 7.00% 7.25% 7.50%3,990,000 16.61% 15.81% 15.06% 14.40% 13.73%3,940,000 16.85% 16.06% 15.30% 14.64% 13.97%3,890,000 17.11% 16.31% 15.55% 14.89% 14.22%3,840,000 17.36% 16.56% 15.80% 15.14% 14.47%3,790,000 17.62% 16.82% 16.06% 15.39% 14.72%3,740,000 17.88% 17.08% 16.31% 15.65% 14.97%3,690,000 18.15% 17.34% 16.58% 15.91% 15.23%3,640,000 18.42% 17.61% 16.84% 16.18% 15.49%3,590,000 18.69% 17.88% 17.11% 16.44% 15.76%
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UPTOWN JEFFERSON5-yr Hold Analysis
[1] Base Rental Revenue assumes the following: 6 months downtime, 5 year lease, $2.50 NNN start rate, 3% rent increases. For purposes of the estimating the residual sales price, we have assumed a 12 month extension at a 3% increase in Year 6 of the analysis.
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Acquisition Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11
Base Rental Revenue [1] 259,635 527,059 542,871 559,157 575,932 593,210 611,006 629,336 648,216 667,663 687,693 Expense Reimbursement Revenue 51,927 106,970 110,179 113,484 116,889 120,395 124,007 127,727 131,559 135,506 120,395 Effective Gross Revenue 311,562 634,029 653,050 672,641 692,820 713,605 735,013 757,063 779,775 803,169 808,088 Operating Expenses (Estimate @ $0.50 PSF) (103,854) (106,970) (110,179) (113,484) (116,889) (120,395) (124,007) (127,727) (131,559) (135,506) (120,395) Net Operating Income 207,708 527,059 542,871 559,157 575,932 593,210 611,006 629,336 648,216 667,663 687,693
Leasing & Capital Costs TI's ($100.00 PSF) (1,730,900) LC's (6.00%(Yrs1-5)/3.00%(Yrs6-10) (297,410) Total Leasing & Capital Costs (2,028,310) - - - - - - - - -
Operating Cash Flow (1,820,602) 527,059 542,871 559,157 575,932 593,210 611,006 629,336 648,216 667,663
Purchase Price (3,790,000) Gross Residual Value 9,175,000 All-CashCost of Sale (2.50%) (229,375) IRRCash Flow Before Debt (3,790,000) (1,820,602) 527,059 542,871 559,157 575,932 593,210 611,006 629,336 648,216 9,613,288 12.64%
12.64% 7.00% 7.25% 7.50% 7.75% 8.00%3,990,000 12.62% 12.36% 12.09% 11.84% 11.60%3,940,000 12.75% 12.49% 12.22% 11.97% 11.73%3,890,000 12.89% 12.63% 12.36% 12.11% 11.87%3,840,000 13.03% 12.76% 12.50% 12.24% 12.01%3,790,000 13.17% 12.90% 12.64% 12.38% 12.15%3,740,000 13.31% 13.04% 12.78% 12.52% 12.29%3,690,000 13.45% 13.19% 12.92% 12.67% 12.43%3,640,000 13.59% 13.33% 13.07% 12.81% 12.58%3,590,000 13.74% 13.48% 13.21% 12.96% 12.72%
UPTOWN JEFFERSON10-yr Hold Analysis
Estimated IRR's at Varying Entry Prices and Residual Cap RatesResidual Cap Rates
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[1] Base Rental Revenue assumes the following: 6 months downtime, 10 year lease, $2.50 NNN start rate, 3% rent increases. For purposes of the estimating the residual sales price, we have assumed a 12 month extension at a 3% increase in Year 11 of the analysis.
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The future vision for Uptown Temecula is a vibrant, pedestrian friendly, urban area that allows for a mix of uses, ranging from eightstory full-service hotels to multi-level residential, mixed and commercial uses; depending on the zoning district. Street enhancements are planned as development occurs to achieve humanscaled walk ability neighborhoods that will balance the needs of pedestrians, bicycles, cars and public transit. The creation of smaller blocks will support the mobility for those that live, work and play in the Uptown Temecula area and help create a destination for those visiting the area. Additionally, Uptown Temecula’s close proximity to Murrieta Creek, and its adjacent trails system, provides an added outdoor amenity. The Plaza is located in the heart of the Uptown Temecula redevelopment plan within the Uptown Center District. The Uptown Center District is considered the employment hub of the specific plan area. The Uptown Center District is located along the main Jefferson Avenue arterial making it ideal location for commercial and retail uses.
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CREEKSIDE VILLAGEDISTRICT
Walkable, urban residential neighborhood located immediately adjacent to Murrieta Creek and trail
ANTICIPATED LAND USES:• Residential• Neighborhood Serving• commercial / Retail
PROJECTS CAN BE:• All residential• All commercial• Mixed-use
BUILDING HEIGHT• 5 stories
UPTOWN SPORTS/TRANSIT DISTRICT
Mix of uses that compliment the future adjacent active/passive recreation area
ANTICIPATED LAND USES:• Hotels and guest serving facilities• Convention/retail uses• Office• Residential
PROJECTS CAN BE:• All residential• All commercial• Mixed-use
BUILDING HEIGHT• 6 stories
UPTOWN ARTS DISTRICT
Vibrant and eclectic cultural arts district with convenient access to Murrieta Creek trail
ANTICIPATED LAND USES:• Art galleries• Artist lofts/work spaces• Performance venues• Residential
PROJECTS CAN BE:• All residential• All commercial• Mixed-use• Live/Work with work unit 1st floor
BUILDING HEIGHT• 5 stories
UPTOWN CENTERDISTRICT
Urban core and employment hub of the specific plan area
ANTICIPATED LAND USES:• Commercial / Retail• Office• Residential
PROJECTS CAN BE:• All residential• All commercial• Mixed-use
BUILDING HEIGHT• 8 stories
MURRIETA CREEK RECREATION & OPEN SPACE DISTRICT
Located on the western boarder of the Specific Plan area and includes the Flood Control detention basin
Active/passive open space and regional recreation amenity for the area
ANTICIPATED LAND USES:• Trail & Trailheads• Active/passive park facilities• Sports courts & ball fields
• Picnic Areas
UPTOWN HOTEL & TOURISM CENTERDISTRICT
Primary visitor and tourist serving district
ANTICIPATED LAND USES:• Hotels• Convention & meeting space• Restaurants• Entertainment-oriented uses• Residential
PROJECTS CAN BE:• All commercial• Mixed-use• No ground floor residential uses
BUILDING HEIGHT• 5 stories• 8 stories (full service hotels)
Trip Generation and Street Enhancements
** Street Enhancements are planned as development occurs. The creation of smaller blocks is a key strategy to develop a street network that will support the mobility of those that live, work and play in Uptown Temecula.
108,000 vehicles per day
I-15 Freeway (Winchester Rd. off-ramp)
39.4 million vehicles per year
Jefferson Avenue Corridor (vehicles per day)
23,320South of Winchester
20,250South of Overland
18,300South of Via Montezuma
UPTOWN JEFFERSON
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Over the past two decades, the City of Temecula has evolved into a innovative, dynamic City and a regional economic center for Southwest Riverside County, all while retaining its small town feel and character. Many families began to move to the area from San Diego and Orange County drawn by the affordable housing prices and the popular wine country. Temecula is an affluent community. Supported by high median and mean income levels as well as the city’s favorable tourist and resort industries, the city is a prominent tourist destination. Temecula remains the ideal city for relocating, expanding and developing a new project in Southern California.
The Temecula / Murrieta Twin Cities area has emerged as a center for job growth due to the migration of new residents to this are from neighboring San Diego. As is common in newly developing ares of Southern California, this and initially caused the growth of retail and other population - serving businesses to grow in the community. The City of Temecula - in conjunction with the City of Murrieta - have since begun to undertake a proactive joint program to attract additional high technology firms and advanced manufacturing firms to the Twin Cities area. These efforts have been suppurated by the proximity to San Diego, the high quality of life, the affordable housing, affordable land and buildings, the highly acclaimed school system, the well-educated work force as well as the moderating effect of the sea breezes passing over the mountains between Southwest Riverside County and San Diego compared to other inland areas.
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175,653 343,780POPULATION
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DEMOGRAPHICS3 Mile 5 Mile 10 Mile
CITY O
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2018 marks the 50th anniversary of Temecula Valley Southern California Wine Country. The first modern commercial vineyard was planted in 1968 by the late Vincenzo Cilurzo and his wife Audrey. Temecula Valley received formal recognition as an American Viticultural Area in 1984, first as “Temecula AVA” with a subsequent name change to “Temecula Valley AVA” in 2004.
Temecula Valley now boasts over 40 licensed wineries, producing over 500,000 cases annually. The 50thAnniversary will be celebrated throughout the year….we invite you to come and celebrate with us!
Located in the heart of Temecula, Old Town Temecula blends historic 1880’s buildings with over 640 antique dealers, unique shopping and restaurants. Old Town Temecula is the site of many special events including car shows, semi-annual Road Runs, Western Days and summer weekend entertainment and also home to the Temecula Museum which features exhibits about the local band of Native Americans and the local natural history and city development.
Temecula has a perfect climate for serene and beautiful hot-air ballooning adventures and award-winning wineries nestled in 3,000 acres of picturesque wine country but that’s just the beginning. The community’s mix of entertaining activities and friendly residents makes visitors want to return again and again.
The Temecula Valley boasts 153 holes at eight golf courses, including seven championship courses. The well-bunkered Oaks at Temecula Creek Inn is known for its tree-lined beauty and playability, while Pechanga’s Journey will take your breath away on the sixth hole, where the intimidating 175-yard drop may make your knees quiver during your tee shot.
The Pechanga Band of Luiseno Indians built the current Pechanga Resort and Casino complex in 2001 and began a $285 expansion project in 2016. Linked together in an architectural design that subtly highlights the tribe’s Luiseno culture, the facility includes a vast 188,000 square foot gaming floor, that makes Pechanga the biggest casino in California. Designed with player comfort in mind, the casino is equipped with a state-of-the-art filtration system and offers extensive non-smoking areas. Pechanga Resort and Casino is Temecula Valley’s largest employer, with over 4,000 people employed.
Wine enthusiast
BEST WINE TRAVEL DESTINATIONS 2019
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Temecula Valley Winegrowers AssociationOffice Location
By Reservation OnlySan Bernardino
Riverside
PalmSprings
Hemet
Idyllwild
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Temecula
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Take Hwy. 60 or I-10 to I-15 south, one hour 20 mins.
Take I-10 west to Hwy. 60, to I-215 south to I-15, one hour
Avensole
Masia de la Vinya
Peltzer
- CELEBRATING 50 YEARS -
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3,000 EMPLOYEES
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697 EMPLOYEES
375 EMPLOYEES
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TEMECULA VALLEY UNIFIEDSCHOOL DISTRICT
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1 RIVERSIDE COUNTY IS NO. 1 IN CALIFORNIA FOR POPULATION GROWTH IN 2018 AND THE FOURTH MOST-POPULOUS CALIFORNIA COUNTY.
200 TOTAL PERSONAL INCOME FOR INLAND EMPIRE RESIDENTS WILL HIT A RECORD $200 BILLION IN 2019.
THE INLAND EMPIRE RECENTLY GAINED “SUPERSTAR” STATUS AS AN IMMENSE
DRIVER OF NEW JOBS.
THE INLAND EMPIRE IS ONE OF FOUR U.S. INDUSTRIAL REAL ESTATE MARKETS WHERE ONE-THIRD OF ALL NEW INDUSTRIAL CONSTRUCTION
NATIONWIDE IS TAKING PLACE.
THE INLAND EMPIRE’S FIVE-YEAR PROJECTED ANNUAL MEDIAN HOME-PRICE GROWTH FOR
“EXISTING” HOUSING IS HIGHER THAN ANY OTHER REGION IN CALIFORNIA.
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Temecula Valley Balloon & Wine Festival attracts over 40,000 attendees every year for a celebration of its award-winning wines and scenic beauty. Rising above the gorgeous Lake Skinner and numerous vineyards, the balloon rides are a dramatic experience for both romantics and adventurers alike.
BALLOON & WINE FESTIVAL
Temecula Valley Wine Country, with its sustainable farming practices, agricultural preserve, scenic beauty and charming tasting rooms, produces hundreds of award-winning wines. Centrally located just east of the I-15 fwy and within an hour from San Diego and Orange County, Temecula’s wineries are booked and bustling ALL year round for tasting, weddings and corporate events.
TEMECULA WINECOUNTRY
Old Town Temecula combines the region’s storied past and its exciting up-and-coming future in a unique blend of shops, restaurants, hotels, entertainment, and event opportunities in one walkable, easy-to-navigate hub for visitors to explore. Take a step back in time as you walk the wooden boardwalks past rustic western-era buildings, antique shops, and specialty boutiques featuring Temecula-made artisan goods, or explore the most up-to-date trends including sampling pints at craft breweries, attending outdoor festivals, grabbing a bite of local, farm-to-table dining, or dancing to live music at bars and unique outdoor venues. History buffs can wander the streets of Old Town Temecula viewing rustic buildings, sidewalks and storefronts reminiscent of our historic golden west in the 1880’s. Old Town Temecula has it all.
TEMECULA OLD TOWN
The Pechanga Resort & Casino has the largest casino floor in California totaling 188,000 sq ft (17,500 m2), larger than the MGM Grand in Las Vegas. It features more than 4,500 Vegas-style slot machines, non-smoking casino floor area with 460+ slot machines, 130 table games, a non-smoking poker room with 43 tables and an off-track betting facility, an ultra-modern, 700-seat bingo facility and 14,700 sq ft (1,370 m2) High Limit Gaming Area with High Limit Salon, and private gaming rooms.
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UPTOWN JEFFERSON27727 JEFFERSON AVENUE | TEMECULA, CA 92590
No warranty or representation has been made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. Lee & Associates Commercial Real Estate Services, Inc. - Riverside. 25240 Hancock Avenue, Suite 100 - Murrieta, CA 92562 | Corporate ID# 01048055
MATT SHAW, CCIMVice [email protected]# 01917622