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CITY OF INDUSTRY, CA-The Koll Co. of Newport Beach expects to begin construction in the fourth quarter on a four-building industrial complex of nearly 130,000 sf that will be called Koll Center Industry. The development site is a 7.4-acre parcel of vacant land at 17801 Arenth Ave. that the Newport Beach developer bought recently from Allentown, PA-based Air Products Polymers LP.

Alan Airth, managing principal for the Koll Co., says the company liked the project site for its central location in an industrial area near the intersection of Arenth and Fullerton Road, about a mile from the 60 Freeway. With the availability of industrial space in the greater Los Angeles market at a 20-year low, he adds, Koll expects strong demand for the buildings, which will be offered for sale or lease.

Likely buyers of the buildings will be companies looking for warehouse space in small or medium sizes, according to Alan Airth. The four concrete tilt-up buildings will range from 26,000 sf to 40,600 sf and will be designed with features including high-end spec office build-outs, 24-foot clear heights, dock-high and grade-level loading, electrical service up to 1,200 amps and a 120-foot-deep truck maneuvering area.

Considering that the industrial vacancy rate in Los Angeles County has been steadily declining, dropping to about 1.9% in the second quarter of this year, “We’d be surprised if we don’t have buyers or tenants lined up even before we begin construction,” Airth says.

The listing agents for the project are Erik Larson, Robin Dodson, John Minervini and Chris Tolles of Cushman & Wakefield, who also represented the Koll Co. in the purchase of the land. Mark Bruner of Cushman & Wakefield represented Air Products.

The project is being designed by GAA Architects of Irvine. It is the latest in a series of developments for Koll, which owns and manages a portfolio of 2.25 million sf of multi-tenant light industrial and office space throughout Southern California. The company has an additional 750,000 sf under development or in planning.

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