Business Park Serving Los Angeles and the Inland Empire is Acquired by Koll/PER Partnership for $39.9 Million

A 313,367-square-foot, multi-tenant business park that straddles the county line between Los Angeles and San Bernardino counties in Upland, Calif., has been acquired for $39.9 million by Koll/PER, a limited liability company owned by The Koll Company, the Newport Beach, Calif.-based real estate acquisition, development and management firm, and the Public Employee Retirement System of Idaho (PERSI).

Consisting of 17 single-story industrial, office and flex buildings, College Business Park is on a 24.55-acre site at the northeast intersection of Foothill Boulevard and Monte Vista Avenue. The county line traverses through the property along Monte Vista.

The site is a block east of the Claremont Colleges, a consortium of five undergraduate colleges and two graduate institutions as well as a central organization that provides services shared by all students, faculty and staff.

The seller was Wohl Investment Company based in Newport Beach. Wohl was represented in the transaction by The Palmer Team. The Koll Company represented itself.

The concrete tilt-up buildings at College Business Park range from 13,369 to 22,426 square feet with tenant sizes ranging from 600 to 14,000 square feet. The project offers over 200 suites. Thirteen buildings offer small-unit warehouse and flex space with varying percentages of office-build-out. The other four buildings include 100% build-out. With 1067 total parking stalls, the project has a parking ratio of 3.4/1,000.

Armando Enriquez, acquisitions manager for The Koll Company, said his company was attracted to the property by its exceptional location in a strong market area, great visibility, outstanding curb appeal and functional site layout.

“This was an opportunity to acquire one of the largest multi-tenant business campuses in Southern California that provides the flexibility of offering 100% office build-out and flex and industrial space in one project,” he explained. “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 also pointed out that “lack of available large land parcels for development in the area, coupled with high land prices, create barriers of entry that will minimize, if not prevent, future development of comparable product.”

About The Koll Company

With a concentration on major western U.S. markets, The Koll Company currently owns and manages over 6.2 million square feet of existing multi-tenant, light industrial and suburban/garden office space in California, Arizona, Nevada, Texas, Colorado and Utah.

The company targets properties for smaller space tenants, with current portfolio tenants averaging approximately 3,000 square feet. However, it also will consider multi-tenant flex projects with tenant spaces ranging up to 30,000 square feet and medical office buildings with smaller tenant spaces.

The Koll Company has an additional 1.1 million square feet of commercial space under development in Southern California and also is developing Hacienda, an oceanfront community of 239 full-ownership homes in Cabo San Lucas, Mexico.

Acting as a principal for each investment, The Koll Company uses its operational expertise and vision to maximize returns from performing assets—improving and repositioning underutilized properties and providing ground-up development services for vacant or obsolete properties. The company’s acquisition group is headed by Senior Vice President John Woo and its development group by Managing Principal Jerry Yahr.

Since its founding in 1962, The Koll Company has developed more than 85 million square feet of office, industrial and retail space. Further information on the company is available at www.koll.com.

About PERSI

The Public Employee Retirement System of Idaho (PERSI) is an $11-billion public pension plan headquartered in Boise, Idaho. More information is available at www.persi.state.id.us. PERSI is advised by CS Capital Management, Inc., a registered investment advisor based in Los Angeles and Atlanta.