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MISSION HILLS, CA-Koll/PER, a joint venture of the Newport Beach-based Koll Co. and the Public Employee Retirement System of Idaho, has acquired the 130,240-sf Jade Corporate Center multi-tenant property in this Los Angeles suburb for $24.9 million. The buyers acquired the four-building complex from SCI Properties of Los Angeles.

The 2.87-acre property fronts San Fernando Mission Road less than a quarter mile east of the Interstate 405 Freeway and just west of Sepulveda Boulevard. Constructed in phases between 1981 and 1991, the project consists of two four-story buildings, one three-story building and one two-story building. The two-story building is wood-framed while the others are steel-framed.

The sale was a direct deal between the buyer and the seller. The complex is 90% occupied and, Koll’s Bill Larkin points out, it is the largest office development in the immediate area.

Larkin, who is acquisition and development manager for the Koll Co., says that the office buildings serve small business owners. Most are tenants who live nearby and who want easy freeway access to communities in the San Fernando Valley and to Santa Clarita to the north.

The property has had a strong historical occupancy–over 90%–due to “the number of small businesses in the area and the fact that it is one of the few local options for smaller tenants seeking quality office space,” Larkin comments. He says that Koll also sees the property continuing to benefit from tight market conditions and a lack of competing space.

Koll plans to make capital improvements to the buildings and to place an increased emphasis on property management, according to Larkin. The complex will remain with the same property leasing team, Brian Forster and Connie Hare of Told Partners.

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