Harbor freight tools 40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA - MIKE HANNA
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harbor freight tools
MIKE HANNA
Vice President
951.445.4503
mhanna@lee-associates.com
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA License #01456055
Confidential Disclaimer This Confidential Memorandum has been prepared by Lee & Associates and is being furnished to you solely for the purpose of your review of the commercial property located at 40516 Murrieta Hot Springs Road, Murrieta, CA (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Lee & Associates (“Broker”). By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to Lee & Associates as soon as practicable together with all other materials relating to the Property which you may have received from Lee & Associates; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of Lee & Associates. This Confidential Memorandum has been prepared by Lee & Associates, based upon certain information pertaining to the Property and any information obtained from Lee & Associates to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by Lee & Associates to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon Lee & Associates, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither Lee & Associates, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred. Lee & Associates, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice. This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. By accepting this Confidential Memorandum you agree to release Lee & Associates and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. Lee & Associates reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time.
ta b l e o f c o n t e n t s EXECUTIVE SUMMARY 4 PROPERTY DESCRIPTION PROPERTY FEATURES 7 PROPERTY PHOTOS 8 ABOUT HARBOR FREIGHT 10 SITE PLAN 11 LOCATION MAP 12 SITE AERIAL 13 PRICE OVERVIEW / ANALYSIS PRICE OVERVIEW 15 PRICE ANALYSIS 16 RENT ROLL 17 AREA & MARKET OVERVIEW DEMOGRAPHICS / TRAFFIC COUNTS 19 INLAND EMPIRE OVERVIEW 20 CITY OF MURRIETA 21 THE SMALL BUSINESS ENGINE 22
e x e c u t i v e s u m m a ry
Lee & Associates is pleased to present the opportunity Murrieta boasts the 5th largest incomes in the • Southern California Retail: Southern California continues to be
to acquire the 100% fee-simple interest in the 25,000 County, averaging over $100,000 per household. one of the nation’s top performing and dominant retail markets. With
SF retail building anchored by Harbor Freight Tools Murrieta is predominantly a bedroom community continued population growth Southern California retail will continue its
located in Murrieta Plaza, a 141,122 square foot, with the majority of residents commuting to trend as a national market leader.
community shopping center located in the Southern jobs in San Diego, Riverside and Orange County.
California City of Murrieta. Murrieta Plaza features • Value-Add Opportunity: The Property is currently 68% leased
an impressive list of national and regional retailers Murrieta Plaza features a reliable tenant mix to Harbor Freight Tools with one remaining 8,000 SF unit available.
including Dick’s Sporting Goods, Walgreens, 24 consisting of over 97% national and regional tenants. The 32% vacancy affords an investor the opportunity to enhance
Hour Fitness, Buffalo Wild Wings, Bank of America The quality and variety of the tenants provide the local current cash flow by leasing the existing vacancy at an ever increasing,
and Azusa Pacific University. The project is shadow- patron a unique shopping experience unsurpassed in competitive market rate.
anchored by the only Sam’s Club Warehouse within a the market. Sam’s Club, Dick’s Sporting Goods and 24
30-mile radius. Hour Fitness provide the regional draw, while tenants • Discount to Replacement Cost: An investor will have an
such as Walgreens, Bank of America, Great Clips and opportunity to acquire the Property at a significant discount to
Murrieta Plaza is the dominant shopping center in the Verizon cater to the daily and weekly needs of its replacement cost, based on current market rates. A new owner will have
City of Murrieta. Built in 2006 , the center is located customers. Furthermore, Murrieta Plaza boasts the a competitive advantage to compete effectively with other comparable
at the intersection of Interstate 215 and Murrieta most impressive lineup of restaurants in the area. buildings in the submarket with no forecasted new development.
Hot Springs Road. The property features prominent Customers can choose from a variety of options that
visibility to the 95,000 cars per day travelling on include Buffalo Wild Wings, Rubio’s, The Habit Burger, • Affluent / Dense Customer Base: There are approximately 101,000
Interstate 215 and offers unobstructed access The Flame Broiler, and It’s a Grind Coffee. Murrieta residents in a three-mile radius earning an average household income
from Murrieta Hot Springs Road via a signalized Plaza is clearly the dominate restaurant destination of $90,156.
intersection. Murrieta Plaza is located just a quarter in the area, which in turn extends the hours of the
mile from the I-15 and I-215 split, making it one of shopping center. • Regional / Freeway Location: Prominent identity and exposure
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the most accessible properties in the entire region. to I-215 with approximately 1,620 linear feet of freeway frontage.
Harbor Freight Tools in Murrieta Plaza offers an Immediate access to I-215 and Murrieta Hot Springs Road freeway
The City of Murrieta, incorporated in 1991, is investor a unique opportunity to own a secure, interchange as well as close proximity to the I-215 and I-15 merge.
located in southwest Riverside County, just north of national tenant within the dominant center in its
Temecula. Over the past decade Murrieta experienced trade area. The asset’s new construction and quality • Parking / Access / Site Plan: Excellent site plan offering convenient
100% population growth making it one of the design, merchandising mix, location and access make access via 4 ingress/egress points and ample parking at 5 per 1,000.
fastest growing cities in the state. With more than it an outstanding long-term investment in a market
103,000 residents, the city of Murrieta is now the poised for future growth. • Merchandising Mix: The blend of regional draws / neighborhood
4th largest city in Riverside County trailing only services and restaurants expand the center’s trade area as well as
the cities of Riverside, Corona, and Moreno Valley. extend center hours.
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 4
h a r b o r fr ei g ht to o ls 40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 5
pro perty d escri pti on
p r o p e r t y f e at u r e s p r o p e r t y o v e rv i e w :
• Highly Exposed Sub-Anchor Building • Centrally Located Shopping Center
ADDRESS: 40516 Murrieta Hot Springs Road, Murrieta, CA
with Excellent Visibility to Both the in a Dense Area with Desirable
I-15 & I-215. Demographics. TYPE: Multi-Tenant Retail
• 4 to 1 Parking Ratio. • Other Nearby Tenants in the Trade PROPERTY: ±25,000 SF
Area Include: Burlington Coat Factory,
• Fully Equipped with Dock-High OCCUPANCY: 68%
Lowes, Kohl’s, Home Depot, Petsmart,
Roll up Door
Ross, Toys R’ Us.
LAND AREA: ±2.5 Acres, 108,900 SF
• Located in Murrieta Plaza, a 385,000
SF Retail Center Anchored by Sams PARKING: 4 per 1,000 SF
Club, Dicks Sporting Goods, 24 HR
Fitness, Walgreens and Numerous YEAR BUILT: 2006
Other National and Credit Food and
APN: 916-380-037-3
Retail Uses.
ASSET TYPE: Fee Simple
LEASE TYPE: NNN
TENANT I: Harbor Freight Tools
LEASE SIZE: ±16,948 SF
LEASE TERM: 10 years (9 remaining)
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OPTIONS: 4-5 year
TENANT II: TBD
LEASE SIZE: ±8,000 SF
LEASE TERM: TBD
OPTIONS: TBD
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 7
pro perty ph otos
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40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 8
pro perty ph otos
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40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 9
about harbor freight In 1977, when Harbor Freight Tools was started as a small family-owned business, we made a commitment to provide working people with great quality tools at the lowest prices. And for over 35 years, Harbor Freight Tools has done just that. From hand tools and generators, to air and power tools, from shop equipment to automotive tools, Harbor Freight offers more than 7,000 tools and accessories at quality levels that match or exceed competing brands, but at prices that are up to 80% less. HOW DOES HARBOR FREIGHT SELL GREAT QUALITY TOOLS AT THE LOWEST PRICES? We buy direct from the same factories who supply the expensive brands and pass the savings on to you. It’s just that simple! Visit one of our 500 Stores Nationwide and see for yourself why over 25 million satisfied customers and leading automotive and consumer magazines keep talking about our great quality and unbeatable prices. AT HARBOR FREIGHT, QUALITY IS OUR OBSESSION We test our tools in our own state-of-the-art labs, just like those operated by leading consumer advocate organizations. We put our tools through punishing tests, which far exceed the strain of normal use, ensuring that our tools perform to professional standards and stay tough for the long haul. Most importantly, when it comes to quality, we walk the walk - with a 100% satisfaction guarantee, no hassle return policy and a lifetime warranty on all hand tools. THE HARBOR FREIGHT FAMILY Withover500storesandover25millionsatisfiedcustomers,HarborFreightToolscontinuestogrow, but we’re still family owned and for over 3 decades our mission has remained the same: deliver an incredible assortment of great quality tools at the lowest prices. See for yourself - stop by one of our 500 stores today and discover why Harbor Freight Tools is the place to go for all of your tool needs. Eric Smidt, CEO/President Harbor Freight Tools 40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 10
site plan
17,000 SF
NAP
8,000 SF
Available
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*Proposed building layout
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 11LOCATION MAP
h a r b o r fr ei g ht to o ls
SI TE
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 12SITE AERIAL
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40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 13PRICE OVERVIE W / ANALYSIS
p r i c e o v e rv i e w :
40516 Murrieta Hot Springs
ADDRESS:
Road, Murrieta, CA
OFFERING
$4,275,000, ($171.00 SF)
PRICE:
OFFERING
4.03%
CAP RATE:
ACTUAL NOI: $168,156
PRO FORMA
5.31%
CAP RATE:
PRO FORMA NOI: $227,196
h a r b o r fr ei g ht to o ls
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 15p r i c e a n a lys i s :
40516 MURRIETA HOT SPRINGS ROAD 9/30/2014
MURRIETA, CA
Asking Price $4,275,000 Square Feet 25,000
Price PSF $171.00 Pro Forma Cap Rate 5.31%
Actual Contract Cap Rate 3.93%
Net Rentable Area 25,000 2014-2015 2013-2014
Occupied Area (68%) 17,000 Pro Forma Contract
Revenue Revenue
Annual Income
Base Rent $319,207 (8,000 SF x $1.50 SF) $193,207
Operating Expense Recovery $76,051 $.25 NNN $51,000
Less Vacancy $15,960 5.00% 0 Actual
Effective Gross Revenue $303,247 $244,207
Annual Expenses
Building Fire Alarm Monitoring $1,248 $1,248
Common Area Shared Center Maintenance $26,903 $26,903
Landscaping $2,400 $2,400
Property Tax - Common Area $40,777 $40,777
Insurance - Common Area $4,723 $4,723
Total Expenses $76,051 $76,051
Annual Expenses PSF $3.04 $3.04
Monthly Expenses PSF $0.25 $0.25
Pro Forma Contract Rent
NET OPERATING INCOME: $227,196 $168,156
CAP RATE: 5.31% 3.93%
ESTIMATED VALUE: $4,275,000 $4,275,000
VALUE PSF: $171.00 $171.00
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40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 16rent roll:
Unit Tenant Name Square Monthly Rent Monthly Lease Lease End Annual Rent Lease Options Est. CAM Actual/CAM Market Market
Footage Rent PSF Start @$.25 Recovery Rent Rent/SF
40516 MURRIETA HOT SPRINGS ROAD
A VACANT 8,000 $0.00 $0.00 - - $0 $2,000 $0 $12,000 $1.50
B HARBOR FREIGHT TOOLS 17,000 $16,100.60 $0.95 05/10/13 05/09/23 $193,207 Four, 5 Years $4,250 $4,250 $22,100 $1.30
TOTAL 25,000 $16,100.60 $193,207
SF Vacant 8,000
Percentage Vacant 32.00%
Percentage Occupied 68.00%
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40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 17AREA & MAR K ET OVERVIE W
SUMMARY PROFILE
2000-2010 Census, 2014 Estimates with 2019 Projections
Calculated using Proportional Block Groups
DLat/Lon:
E M33.5523/-117.1790
OGRAPHICS TRAFFIC COUNTS
RS1
40516 Murrieta Hot Springs Rd
1 mi radius 3 mi radius 5 mi radius
Murrieta, CA 92563
I-215 & MURRIETA HOT SPRINGS RD:
2014 Estimated Population 11,415 90,334 171,032
±85,000 CPD
This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty.
2019 Projected Population 12,292 97,232 184,070
POPULATION
2010 Census Population 10,817 85,630 162,153
2000 Census Population 5,044 46,933 85,711
Projected Annual Growth 2014 to 2019 1.5% 1.5% 1.5% MURRIETA HOT SPRINGS RD & I-215: ±74,000 CPD
Historical Annual Growth 2000 to 2014 9.0% 6.6% 7.1%
2014 Median Age 31 34.4 33.9
2014 Estimated Households 3,349 29,232 53,717
HOUSEHOLDS
2019 Projected Households 3,500 30,549 56,138
2010 Census Households 3,222 28,127 51,688
2000 Census Households 1,525 15,361 27,986
Projected Annual Growth 2014 to 2019 0.9% 0.9% 0.9%
Historical Annual Growth 2000 to 2014 8.5% 6.5% 6.6%
2014 Estimated White 62.9% 68.1% 69.2%
2014 Estimated Black or African American 6.4% 5.6% 5.2%
RACE AND
ETHNICITY
2014 Estimated Asian or Pacific Islander 12.5% 10.4% 9.9%
2014 Estimated American Indian or Native Alaskan 0.9% 0.8% 0.8%
2014 Estimated Other Races 17.3% 15.2% 14.9%
2014 Estimated Hispanic 31.3% 27.9% 27.5%
2014 Estimated Average Household Income $80,112 $82,708 $89,512
INCOME
2014 Estimated Median Household Income $74,879 $74,472 $78,232
2014 Estimated Per Capita Income $23,517 $26,856 $28,253
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2014 Estimated Elementary (Grade Level 0 to 8) 4.6% 4.2% 4.1%
2014 Estimated Some High School (Grade Level 9 to 11) 7.6% 6.7% 6.3%
EDUCATION
(AGE 25+)
2014 Estimated High School Graduate 30.5% 25.0% 23.4%
2014 Estimated Some College 25.4% 28.4% 29.7%
2014 Estimated Associates Degree Only 7.9% 8.7% 8.6%
2014 Estimated Bachelors Degree Only 16.4% 18.7% 19.0%
2014 Estimated Graduate Degree 7.7% 8.3% 8.8%
2014 Estimated Total Businesses 670 4,164 7,219
BUSINESS
2014 Estimated Total Employees 5,589 38,258 69,823
2014 Estimated Employee Population per Business 8.3 9.2 9.7
2014 Estimated Residential Population per Business 17.0 21.7 23.7
©2014, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 08/2014, TIGER Geography
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 19I N L A N D E M P I R E O V E RV I E W
The Inland Empire lies east of Orange, Los high-end companies could thrive. Over the two railroads, four major freeways, and a
Angeles and San Diego Counties and includes past two decades, economic activity in the network of freight forwarders. These freight
San Bernardino and Riverside, the two largest Inland Empire grew as businesses flocked to carriers include Ameriflight, Federal Express,
counties in the nation. Key submarkets within the area to take advantage of its labor force, Kalitta Air, Miami Air International, Inc.,
the Inland Empire include Ontario, Rancho economic incentives, cost advantages, central UPS, Sierra 21 Pacific Airlines, Arrow Air, Inc.,
Cucamonga, Chino, Fontana, Mira Loma geographic location and logistic advantages. Empire Airlines, IFL Group, and USA Jet.
(Eastvale & Jurupa Valley), Colton, Corona,
Moreno Valley, Perris, Redlands/ Loma Linda, Part of the region’s success has always been One of the other driving factors influencing
Rialto, Temecula/Murrieta, Riverside and San attributed to the well-integrated freeway the overall market in the Inland Empire is the
Bernardino. Over the last decade, the Inland system. The primary freeway serving the home values as compared to other areas in
Empire has been regarded as one of the most region is the San Bernardino (I-10) Freeway, Los Angeles and Orange County. Homes in the
robust markets in the United States in several a transcontinental highway connecting Los Inland Empire are affordable with a median
categories including population growth, job Angeles to the rest of the nation. Additional home price of $208,425 in San Bernardino
creation, construction and industrial space freeways include, the Devore (I-15) Freeway, County and $210,955 in Riverside County
absorption. This dynamic market is a real connecting San Diego and Nevada, the as of January, 2013. The area is much less
estate leader. Foothill (I-210) Freeway, Riverside (I-215) expensive than most other areas of Southern
Freeway, Pomona (SR-60) Freeway, the California, such as Los Angeles ($366,495),
Large-scale population growth began in Corona (SR-71) Expressway and the 241 Toll San Diego ($363,860), and Orange County
the Inland Empire in the 1970s, when the Road which connects to the SR-91 Freeway. ($447,736).
area was developed as a series of residential This freeway system will continue to draw
bedroom communities serving employment tenants to the Inland Empire as the economy New residents and companies in the Inland
centers in Los Angeles and Orange Counties. recovers and users seek to expand and/or Empire have ready access to the area’s highly
Residents were originally drawn to the area consolidate. regarded 16 colleges and universities. These
by affordable housing and pro-growth local institutions include California Polytechnic,
h a r b o r fr ei g ht to o ls
governments. Frustrated by the many hours Another catalyst for growth in the Inland Pomona, Cal State University at San
spent on the congested commute to work, Empire is the Ontario International Airport, Bernardino, the prestigious, the multi-
many Inland Empire residents became willing which is owned and operated by the Los campus Claremont Colleges, the University
to give up part of their income in exchange for Angeles International Airport. Ranked among of Redlands, Harvey Mudd College, Keck
a local job to increase their quality of life. This the 60 busiest airports in the world, the Graduate School of Applied Life Sciences,
contributed to a huge incentive for companies airport is currently served by 12 passenger Loma Linda University Medical School and the
to leave Orange County and relocate to the airlines and 13 major airfreight carriers University of California at Riverside. The area’s
Inland Empire. As a result, a new talent with 220 daily flights. Ontario International development has also contributed to some of
pool began to emerge and set the stage Airport is the center of a developing freight the more successful retail and recreational
for a different business atmosphere, where movement system that includes the airport, opportunities.
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 20c i t y o f m u r r i e ta
Murrieta is a city in southwestern Riverside County, Another positive influence on the Murrieta economy
California. The population of Murrieta was 103,466 is the emergence of Temecula Valley as a major
at the 2010 census. Murrieta experienced a 233.7% employment center for the area. The anticipated
population increase between 2000 and 2010 making expanding employment base for the area, coupled
Murrieta one of the fastest growing cities in the with the region’s affordable housing, should prove
state. This population boom in 2010 surpassed favorable in the future.
the population of the historically larger and more
commercial city of Temecula to the south for the first
time since the incorporation of either city.
Temecula and Murrieta together form the
Southwestern anchor of the Inland Empire region.
The Murrieta-Temecula-Menifee Urban Area had a TOP EMPLOYERS
S
population of 441,546 at the 2010 Census. Largely
residential in character, Murrieta has historically been Pechanga Resort 4,000 afe Work Environment -
characterized as a commuter town, with many of its Temecula Valley Unified School District 2,730 Murrieta is the safest city
residents commuting to jobs in San Diego County, in Riverside County and, in
Orange County, Los Angeles County, Temecula, and Murrieta Valley Unified School District 2,044
Camp Pendleton because it is nearly equidistant to 2009, Murrieta was listed as
these economic centers. Abbott Laboratories (f/k/a Guidant) 2,000 the second safest city (over
Professional Hospital Supply 1,700 100,000 in population) in the
The city of Murrieta, which is situated in the
Southernmost portion of Riverside County, is located Loma Linda University Medical Center - Murrieta 900
United States, behind Irvine,
on both sides of Interstates 15 and 215. The city of California.
h a r b o r fr ei g ht to o ls
Riverside is located approximately 35 miles to the County of Riverside 889
north, Los Angeles is 80 miles northeast, and the
Southwest Healthcare Systems 692
city of San Diego is 60 miles to the south. Building
moratoriums, limited availability of land and rising International Rectifier 653
home prices in northern San Diego County continue
to stimulate migration to more affordable locales,
like Murrieta. The expansion of Interstate 15 in the
1980s made Murrieta and Temecula easily accessible
from both the north and south directions and became
another major catalyst in the growth of the area.
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 21The Small Business Engine
Murrieta has grown rapidly since it was incorporated city actively promotes foreign direct investment in
in 1991 as an upscale, planned community. Incomes Murrieta and helps its existing companies to grow their
are high in Murrieta with a mean family income
slightly more than $100,000 per year, a relatively
low unemployment rate currently at 6.0 percent, and
high educational levels. Murrieta’s average age is 32
exports. Murrieta regularly welcomes international
delegations to the community. The city also works
with the University of California, Riverside (UCR) and
California State University, San Marcos (CSUSM) to
T emecula Valley has the New
Temecula Valley Hospital and
the New Loma Linda Hospital plus
and young families have gravitated to Murrieta due encourage connections between local companies and
to its high quality of life, safe environment as the 2nd the university research labs. The city has created a fast
two established hospitals: Inland
safest city in the US, and its quality schools. As such, track permitting program to help businesses get all Valley Regional Medical Center
Murrieta is focused on encouraging the growth of of their necessary approvals in record time. Growing
(the area’s trauma center) and
entrepreneurship, high-technology companies and a business is hard work and the success of business is
other businesses in order to further grow its economy. critical for the growth of communities. Murrieta knows Rancho Springs Medical Center.
this and is focused on providing an environment where
The city’s economic development strategy takes small business can prosper.
Murrieta from being a bedroom suburb to becoming
a center for technology companies. It calls for Murrieta
to become the home of additional bioscience, medical
device, IT, digital media, engineering, research and
development and advanced manufacturing businesses.
The city has affordable industrial sites along both the
I-15 and I-215 freeways, particularly in the North
Murrieta Technology Corridor which is anchored by the
new Loma Linda University Medical Center-Murrieta.
The Murrieta City Council adopted a new General
h a r b o r fr ei g ht to o ls
Plan which rezones large areas of the city along both
freeways for “Office Research Park” development. The
city also funded the cost of the environmental impact
report for this privately owned land so as to encourage
the development of technology parks in Murrieta
similar to what is found in Irvine. The city is investing
millions of dollars to construct new roads and freeway
interchanges so as to create “shovel ready” sites for
new technology and other businesses. Murrieta is
not just shovel ready, it is ready for the world. The
40516 MURRIETA HOT SPRINGS ROAD | MURRIETA, CA 22You can also read
