SANTA FE SPRINGS, CA-The Koll Co. of Newport Beach has purchased the 157,669-sf Santa Fe Springs Commerce Center from Roll Properties International Associates of Los Angeles for $11.5 million. Koll acquired the property with capital from a recently formed investment venture with the Public Employee Retirement System of Idaho (PERSI). The business park, which will be managed and leased by The Koll Co., was completed in 1978 and occupies an 8.2-acre site at 9920-10020 Pioneer Blvd., a mile east of the 605 Freeway. It is 78% occupied and consists of seven one- and two-story buildings with 39 office and industrial units ranging in size from 1,600 sf to 16,000 sf. The buildings are constructed of pre-cast concrete tilt-up panels with an aggregate finish. Stephen Batcheller of CB Richard Ellis represented The Koll Co., with Roll Properties representing itself.Koll plans a number of improvements at the property, according to Alan Airth, managing principal of The Koll Co., who says the improvements will include upgrading the facade and landscaping, as well as repainting the exterior. Airth notes that the property appealed to Koll as an investment because of its location with nearby access to the 5, 605, 710, 110, 105, 10 and 405 freeways and close proximity to the ports of Long Beach and Los Angeles and to both LAX and Long Beach airports.Santa Fe Springs Commerce Center is The Koll Co.’s second recent industrial property acquisition in Southern California. In April, the company announced the purchase of a 154,917-sf property in Carlsbad in north San Diego County. The two acquisitions increase the company’s ownership portfolio of multi-tenant, light industrial properties to more than 1.5 million sf. Both properties were acquired with capital from the Koll-PERSI venture. In addition to seeking to acquire existing industrial properties in Southern California, Airth says Koll is shopping for industrial land for infill development and value-added acquisitions throughout the Western United States.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

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 © 2024 ALM Global, LLC. All Rights Reserved.