Koll JV Buys 112,000-SF Industrial Park

Constructed in 1985, the Torrance Commerce Center consists of concrete tilt-up buildings with individual units that include office build-outs ranging from 10% to 100%. According to John Woo, senior vice president and director of acquisitions for the Koll Co., the park's varying unit sizes, which range from 960 square feet to 8,000 square feet, enable tenants to grow within the project.

Woo points out that the smaller units, which are relatively unusual in the Torrance market, are very functional and affordable to smaller tenants. Noting that the park's average occupancy since 2000 has been 95.9%, Woo says that the property offers distinct product types and sizes that appeal to a diverse set of tenants. "The diversification helps limit risk exposure to any single tenant type," he says.

Another key factor in the acquisition by Koll/PER was its location in the South Bay industrial market and proximity to Los Angeles International Airport, Long Beach, the Los Angeles ports and costal suburban communities. The property will be managed by the in-house property management division of The Koll Company.

AMB Property LP, which had owned the industrial park since 1998, was represented in the transaction by David Prior and David Grote of the Klabin Company/Corfac International. Koll/PER represented itself. Terms of the transaction were not disclosed.