$40M FOR ONE OF THE LARGEST MULTI-USE TENANT CAMPUSES IN SOCAL

August 18, 2008 on 5:26 am | In Bravo, Fascinating Information, Government, Lights…Camera…Transaction, Property Wish List, Uncategorized | 5 Comments

$40M FOR ONE OF THE LARGEST MULTI-USE TENANT CAMPUSES IN SOCAL

Koll/PER, a partnership of the Newport Beach-based Koll Co. and the Public Employee Retirement System of Idaho, has acquired the 313,367-sf College Business Park from the Newport Beach-based Wohl Investment Co. for $39.9 million. The property consists of 17 single-story industrial, office and flex buildings in a 24.55-acre business park that straddles the county line between Los Angeles and San Bernardino counties in Upland, CA.

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College Business Park is situated at the northeast intersection of Foothill Boulevard and Monte Vista Avenue. The county line traverses through the property along Monte Vista.

According to Armando Enriquez, acquisitions manager for Koll Co., the investment firm was attracted to the property by its “exceptional location in a strong market area, great visibility, outstanding curb appeal and functional site layout.”

The concrete tilt-up buildings at College Business Park range from 13,369 to 22,426 sf, with tenant sizes ranging from 600 sf to 14,000 sf. The project comprises more than 200 suites, with 13 of its buildings offering small-unit warehouse and flex space with varying percentages of office-build-out. The other four buildings include 100% build-out. With 1,067 total parking stalls, the project has a parking ratio of 3.4 spaces per 1,000 sf of building space.

Enriquez notes that the property is one of the largest multi-tenant business campuses in Southern California, providing the flexibility of offering 100% office build-out and flex and industrial space in one project. This variety of product appeals to a diverse set of tenant types and the diversification “helps limit risk exposure to any one tenant type,” Enriquez says.

Lack of available large land parcels coupled with high land prices, creates barriers of entry that may minimize, if not prevent, future development of comparable properties nearby.

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  1. California continues to see steady population growth, placing five cities on the list of the 25 fastest-growing large municipalities in the country between 2006 and 2007, according to new population estimates from the U.S. Census Bureau.

    According to the report, Victorville, Calif. saw a population increase of 9.5 percent to 107,232 in 2007, putting the San Bernardino County city second on the list of the nation’s fastest-growing large cities with populations of 100,000 or more. New Orleans ranked number one on the list, with a population increase of 13.8 percent to 239,124 after a seeing its population in 2005 dwindle to half in the wake of Hurricane Katrina.

    The other four California cities that made the list are Bakersfield; Irvine; Moreno Valley; and Visalia.

    Comment by C.A.R. — August 24, 2008 #

  2. ORANGE COUNTY, CA-The county’s industrial market has held up better than its office counterpart throughout the recession, but it has slipped into negative net absorption and higher vacancy as a result of slowing demand, according to new market reports. Both Voit Commercial Brokerage and CB Richard Ellis cite the continuing pressure that the recession and the turmoil in financial markets have placed on the county’s industrial market, which totals nearly 250 million square feet.

    Comment by Bob Howard — January 13, 2009 #

  3. The county’s industrial market has held up better than its office counterpart throughout the recession, but it has slipped into negative net absorption and higher vacancy as a result of slowing demand, according to new market reports. Both Voit Commercial Brokerage and CB Richard Ellis cite the continuing pressure that the recession and the turmoil in financial markets have placed on the county’s industrial market, which totals nearly 250 million square feet.
    Voit pegs the year-end vacancy at 4.48%, still a relatively low number but higher than it was a year ago when it was 3.92%. CBRE lists the vacancy rate at 4% and notes that the overall availability rate is 8.2% when sublease space is included in the calculation. Voit shows 8.6% availability. The figures from the two firms tend to vary in some respects because they track slightly different inventory and Voit reports separately on the R&D portion of the industrial market.

    Comment by GlobeSt.com — January 17, 2009 #

  4. 158 YEARS AGO THIS WEEK.
    Do you know what happened this week back in 1850, 158 years ago?
    California became a state.
    The State had no electricity.
    The State had no money.
    Almost everyone spoke Spanish.
    There were gunfights in the streets.

    So basically, it was just like it is today, except the women had real breasts and the men didn’t hold hands.

    Comment by rs90328 — February 16, 2009 #

  5. The American Reinvestment and Recovery Act, aka the stimulus bill, will create a nationally managed, regionally executed program management office to support regional teams delivering the projects. The Act also directs $750 million to renovate and construct federal buildings and courthouses, $300 million to renovate and construct land ports of entry and $4.5 billion to convert federal buildings to high-performance green buildings.

    Comment by Erika Morphy — February 24, 2009 #

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