Pekarcik, who represented the buyer along with Rob Mitchell and Mike Bouma of Voit, says Lakeview Business Park is a two-building professional park at 1240 and 1250 N. Lakeview Ave. It includes a 40,349-sf R&D multi-tenant building, as well as a 38,554-sf, two-story office building. Both buildings were constructed in 1986.
Walnut Park Business Center is a 165,685-sf multi-tenant industrial business park at 20553 Walnut Drive. At the time of purchase, the project was approximately 98% occupied by local-area businesses.
Kilroy Realty, a real estate investment trust, represented itself in the transaction. The West Los Angeles-based REIT owns, develops, acquires and manages properties primarily in Southern California, including developments under way in West Los Angeles, El Segundo and coastal San Diego. As of Sept. 30, 2002, the company owned 7.6 million sf of commercial office space and 5.2 million sf of industrial space.
The company recently announced that it would fund its ongoing stock repurchase program in part by selling non-strategic and mature office and industrial properties. It has approved an increase of one million shares in the common stock share repurchase program, which it initially authorized in 1999. To date, the company has repurchased more than 2.77 million shares at an average price of $20.88.
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