Terms of the sale were not disclosed, but public filings by the seller, Kilroy Realty Inc., indicated it sold the property for $13.6 million. The decision to turn the buildings into condominiums is based on the continuing strong demand for small industrial, R&D and multi-tenant buildings for sale in South Orange County, according to Rusty Turner, president of Turner Development. Turner says the conversion will also enable the Newport Beach developer to maximize the value of the property, which consists of single-story, concrete tilt-up buildings that were built in 1985 and are 85% occupied.

The existing buildings are a mix of single-tenant leases and multi-tenant properties. Turner will offer the buildings for sale to the existing occupants before opening the sales to others. The company says that, after subdividing and selling a majority of the units to the existing tenants or other buyers, it may choose to hold several of the condominium units as investments for its portfolio. It expects sales prices to range from approximately $130 per sf to $150 per sf.

Turner Corp. has begun cosmetically remodeling the property, where industrial and R&D buildings have 25% to 75% office space. The remodeling that's under way includes new landscaping, interior and exterior painting, parking lot re-slurry and the addition of updated building and project signs.

The project will be renamed Turner Alton Business Center. The company hopes to begin closing sales in the fall after it files a condominium plan and parcel map for the property.Al Pekarcik, Rob Mitchell and Mike Bouma of Voit Commercial Brokerage's Irvine office represented Turner in the acquisition of the property from Los Angeles-based Kilroy, a real estate investment trust. Kilroy was represented internally by Joe Hanen.

Turner Development Corp. has completed more than three million sf of commercial building development and more than 248 acres of land development in the City of Industry, Ontario, Chino, Mira Loma, A.J. West Ranch in Lake Forest, and most recently Turner RiverWalk, a 73-acre mixed-use development in Riverside. In the last two years, Turner Development also acquired properties in Santa Ana, Placentia, Fullerton, Irvine, San Juan Capistrano and Santa Fe Springs.