The Mission 71 complex comprises three buildings of 750,438 sf, 32,220 sf and 7,338 sf that are 96% leased; the main building features 43,000 sf of office space. Seller Alliance Commercial recently completed a major renovation of the property, which includes approximately 31 contiguous acres located at the eastern edge of the San Gabriel Valley submarket.

The complex, originally constructed in 1952, was formerly owned by the US Navy and operated by contractors of the Navy until 1992. The property has been substantially rehabilitated and improved, including approximately $20 million of on-site and off-site improvements completed over the last three years.

Brian Gagne, a KTR vice president responsible for the Southern California marketplace, calls the company's new property "a very functional asset in a prime location well-suited for the tenant base typical of the San Gabriel Valley submarket." Gagne says that KTR has already completed a lease for a substantial portion of the building that rolls in the near-term."

John DiCola, a partner at KTR, points out that the acquisition is the New York City-based buyer's first major deal in Southern California. He says that KTR 's business plan for Southern California aims to make it "a leading industrial landlord in the premier industrial market in the country. "

Darla Longo, Barbara Emmons, Lynn Knox and John Privett of CB Richard Ellis, along with John Repstad from Binswanger Realty Advisory Group, brokered the sale of Mission 71 Business Park. It is part of $3 billion in acquisitions and development that KTR team has completed since December 1997. The private equity firm was established in November of 2004 to continue the activities of Keystone Property Trust, which formerly traded publicly on the New York Stock Exchange as KTR.