A private investor hasacquired the Laurel Park Commerce Center from PRGInvestment Management for $10.45 million or $200 persquare foot, which is the highest price paid for a comparably sizedbusiness park in the South Bay market.
The property is located on 3.6 acres and was built in 1986. Itoffers plenty of upside with 80% of the property vacant and allcurrent tenants on month-to-month leases.
Michael Kendall and Gian Brunoof Colliers International and SteveBohannon of Cushman & Wakefieldrepresented PRG in the transaction. Eric Strauss of America WestProperties represented the 1031 exchange buyer.
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