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.

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