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IRVINE, CA-Buyers have closed on 10 more building sales at Kill Center III, bringing the total of closed deals to 30 of the 56 buildings at the 188,374-square-foot R&D and office development of the Newport Beach-based Koll Co. Three more units are in escrow, according to Michael Hartel, a senior vice president at Voit Commercial Brokerage whose team is marketing the project on behalf of Koll. Once those three close, the total of sales at the project will reach $35 million.

The sales tally is remarkable in light of current economic conditions and the state of the commercial real estate market, Hartel observes. He says that Koll Center III benefits from the type of product that Koll is offering as well as the project’s prime location on a 12-acre site at Bake Parkway and Research Drive, a block south of where the 5 and 405 freeways intersect, as well as. The site is close to the variety of shops and restaurants at the Irvine Spectrum, a popular shopping and dining destination in Orange County.

The 56 units at the 188,374 square-foot project are located within 11 buildings of one and two stories. Each building ranges from 1,100 square feet to 29,000 square feet, with the units built as either design-professional studios or high-bay industrial/R&D buildings.

Koll Center III follows two other nearby business parks that the Newport Beach-based company developed, called Koll Center Irvine I and II, which totaled 76 units and 324,000 square feet. The new Koll project was designed by LPA Inc. of Irvine to feature a campus-like environment with high-end landscaping and outdoor seating areas.

In addition to Hartel, the Voit marketing team for the project includes Kevin M. Turner, Joe Winkelmann and Travis Haining. Hartel says that selling buildings in today’s down market requires extensive cold calling, persistent followup and every effort possible to make transactions easy for both the cooperating brokers and the buyers.

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