X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ANAHEIM, CA-Foremost Airport Vegas Ltd. has acquired Lakeview Business Park in Anaheim and Walnut Park Business Center in Diamond Bar from Kilroy Realty Inc. for $21 million in a single transaction, according to Alan Pekarcik of Voit Commercial Brokerage.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.