A private investor has acquired the Laurel Park Commerce Center from PRG Investment Management for $10.45 million or $200 per square foot, which is the highest price paid for a comparably sized business park in the South Bay market.

The property is located on 3.6 acres and was built in 1986. It offers plenty of upside with 80% of the property vacant and all current tenants on month-to-month leases.

Michael Kendall and Gian Bruno of Colliers International and Steve Bohannon of Cushman & Wakefield represented PRG in the transaction. Eric Strauss of America West Properties represented the 1031 exchange buyer.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.