The buyer describes the site, which is at the southwest corner of Avenue Stanford and Avenue Scott, as an outstanding location that Koll was attracted to because of the growth in the Santa Clarita Valley and the low office vacancy rate there. Alan Airth, managing principal for the Koll Co., points out that the 3.4% vacancy is the lowest in the Los Angeles North office market.
Valencia Park Executive Center is 70% occupied and includes 25 office suites averaging approximately 2,300 sf. The Koll Co. plans to convert a large vacant suite into four smaller suites and to complete other minor upgrades.
The new Koll asset is among the office projects closest to Newhall Ranch, the planned 12,000-acre, 22,000-home community that will be developed just west of the I-5 Freeway and south of Highway 126, Airth notes. The sale of the Valencia Park property was brokered by Kevin Shannon, Rob Hannan, Scott Schumacher, Paul Perkins and Michael Moore of Grubb & Ellis' South Bay office and Jim Lindvall of the firm's North Los Angeles office, who represented both parties.
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