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LAS VEGAS-The Trident Business Park on the western edge of the Las Vegas Valley has changed hands for $24.9 million. The new owner of the 11-building, 103,345-sf office and service retail development is an entity of Koll/PER, an LLC that includes Koll Co. of Newport Beach, CA and the Public Employees Retirement System of Idaho.

Promptly renamed Koll Canyon Plaza, Trident Business Park sits on 7.8 acres on the south side of Sahara Avenue, just west of North Buffalo Drive, which is near the master planned community of Summerlin. The seller, Trident Development, built the tilt-up, garden-style office park seven years ago.

The building mix includes nine single-story buildings and two two-story buildings. The buildings are broken into 45 units averaging 2,300 sf. Although the majority of tenants are small to mid-sized office users, there are some retail tenants in units with frontage on Sahara Avenue. There also are several medical tenants.

Bill Larkin, acquisition and development manager for Koll, tells GlobeSt.com the upside potential is in filling existing vacancies. Approximately 26,000 sf, or 25% of the project, is unoccupied, he says.

“The strong curb appeal of Koll Canyon Plaza, its convenient access to a population base of almost 450,000 within a five-mile radius, and stepped-up marketing efforts should result in consistent demand from our target market of upscale office space users,” Larkin says.

Koll, which focuses on Western US properties targeted to small- and mid-size space users, owns three other properties in the greater Vegas area. All acquired over the past two years, its other assets include two multi-tenant industrial parks totaling 171,873 sf (net rentable) and another multi-tenant office property with 100,532 sf (net rentable).

All told, Koll owns and manages over 5.4 million sf and has an additional 1.1 million sf under development. The Public Employee Retirement System of Idaho is an $11-billion public pension plan headquartered in Boise.

Trident Development, in business for the past 15 years, builds homes and retail and commercial developments throughout the Las Vegas Valley. Al Barbagallo of Grubb & Ellis represented Trident in the sale of its business park, Koll/PER represented itself.

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