JV Shells Out $40M for LA-Area Business Park
- Aug 08, 2008
The joint venture buyer has agreed to purchase College Business Park in Upland, Calif., just east of Los Angeles. The 314,000-square-foot business park sold for $39.9 million to Koll/PER, a limited liability company owned by Koll and the Public Employee Retirement System of Idaho. The building is situated in Upland, which is on the border between Los Angeles and San Bernardino Counties. The property is approximately 25 acres with 17 single-story office, industrial and flex buildings ranging in size from approximately 13,000 to 23,00 square feet, with tenant spaces range from 6,000 to 14,000 square feet. The business park offers tenants approximately 200 suites. 13 of the buildings involved in the transaction are for warehouse and flex usage. The sale also includes 1,067 on-site parking stalls. The previous owner of the buildings, Wohl Investment Co., was represented in the transaction by The Palmer Team, while Koll represented itself. The Koll Co. indicated that the site’s location in the strong Los Angeles market was a key factor in the purchase of the business park. “This was an opportunity to acquire one of the largest multi-tenant business campuses in Southern California that provides the flexibility of offering 100 percent office build-out and flex and industrial space in one project,” Koll’s acquisitions manager Armando Enriquez stated in a release. The variety of spaces included in the business park attracted the firm as well, as it was seen as a way to lessen the risk involved in the purchase. “This variety of product appeals to a diverse set of tenant types and the diversification helps limit risk exposure to any one tenant type, Enriquez noted.” The Koll Co. is a real estate development and management firm with 6.2 million square feet of multi-tenant, office and industrial space in the western United States. The company specializes in targeting smaller spaces for its clients. Koll recently made news when it completed the construction of Koll Center Industry, a four-story industrial product in the City of Industry, California.