The parties wouldn't disclose the transaction price but Orange County real estate records show CalEast Industrial Investment, a joint venture of Calpers and LaSalle, bought the park in two deals valued at $37 million or $123,333 per acre ($2.83 per sf).
CalEast paid Petula Associates Ltd. $31.52 million and Principal Development Investment $5.48 million. Petula and Principal Development are subsidiaries of Des Moines, IA-based Principal Mutual Life Insurance Co.
The 11 buildings, totaling 929,000 sf, are 93% leased, according to Trammell Crow Co., the park's developer. Center of Commerce has 1.9 million sf of existing space with plans to develop another 650,000 sf.
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