The Koll Co. Adds OC Flex Building to Portfolio
- Jul 23, 2018
The Koll Co. has acquired a 77,000-square-foot flex building in Tustin, Calif. Colliers International represented the buyer and Lee & Associates worked on behalf of the seller. California Bank & Trust arranged a bridge loan for the transaction. The Koll Co. plans to invest $4 million in capital improvements.
Situated at 1361 Valencia Ave., the flex building is near Freeway 55, interstate 5 and 405 and is within 4 miles of downtown Irvine. Additionally, the property is adjacent to the Irvine Business Complex and is close to the 1 million-square-foot The District of Tustin Legacy, which offers many dining and shopping options. The two-story asset comprises office/R&D space and 20,000 square feet of high bay warehouse, featuring two dock-high loading doors.
“It’s a strategically located building with significant potential, and we’re excited to add it to our Orange County portfolio,” said Scott Meserve, principal of The Koll Co., in prepared remarks.
The buyer aims to enhance the exterior of the property, the communal area amenities and the landscaping. Besides these, the building will receive new signage.
“The major renovation will provide the level of modern building amenities that company owners and employees expect in today’s market,” mentioned Meserve, in a prepared statement. “The Koll Co.’s total capital investment in the building will exceed $4 million.”
Lee & Associates’ Senior Vice President Mike Long represented the seller and Colliers International’s Executive Vice Presidents Mike Hartel and Joe Winkelmann, along with Senior Associate Nick Velasquez worked on behalf of The Koll Co.
Image courtesy of The Koll Co.