The Koll Company sells 121,153 sq. ft. Former Saturn Business Park in Brea
Palisades Capital Realty Advisors purchases industrial property for $21 million.
- Orange County, CA (1888PressRelease) July 16, 2014 - The Koll Company announced today the sale of 2929 Imperial to Palisades Capital Realty Advisors for $21 million, or $172 per square foot.
The partnership of The Koll Company and Rialto Capital purchased the property, formerly known as Saturn Business Park in June 2012 for under $11 million. Located at 2929 East Imperial Highway, near the Orange (57) and Riverside (91) freeways, the park was less than half-full when the partnership purchased it. During escrow, Koll leased approximately 10 percent of the 121,153 sq. ft. park to Endress+Hauser, a supplier of industrial measurement and automation equipment.
Immediately following Koll's purchase, significant interior and exterior improvements were made to the property which were well received by tenants, and less than a year after closing, Koll announced in May 2013 that it brought the park to 100% leased with the largest lease deal in Orange County for that quarter, the expansion of Zodiac Aerospace's lease, for seven-years and 81,077 sq. ft.
At the time of the Zodiac deal, Scott Meserve, Executive Vice President of Koll, said the Brea-based in-flight seat back entertainment company's long-term commitment underscored the value of the well-located office complex. It is this strong positioning - with access to Orange, Riverside and Los Angeles counties - that helped make the rejuvenated office park an attractive property for both tenants and investors.
"We're very pleased with the finished product of our upgrades to the property and the leasing success. We had a 3-year business plan, and we were excited to exceed our goal in just two years," Meserve said. "Our goal was to take a well located property that had good bones and put in the work to make it market ready for the next several cycles. Based on the leasing and sale, we believe the market appreciated our efforts." Meserve went on to say that the success of this transaction has served as the foundation for a continuing relationship between the Koll Company and Rialto Capital.
Baker Morphy and Bob Prendergast of JLL represented both parties on the sale.
About the Koll Company
The Koll Company acquires, develops and manages commercial real estate. Acting as a principal for each investment, the company focuses on the acquisition of office properties, multi-tenant light industrial business parks, improving and repositioning underutilized properties, providing ground-up development services and using its operational expertise and vision to maximize returns from performing assets. Since its founding in 1962, The Koll Company has developed more than 110 million square feet of office, industrial and retail space. Further information on the company is available at www.koll.com
About Rialto Capital
Rialto Capital, a wholly-owned subsidiary of public homebuilder Lennar Corporation, is a real estate investment and asset management company focused on distressed and value-add investments and asset management, workout and turnaround strategies. Rialto Capital was founded in 2007 by the former co-founders of LNR Property Corporation, which began as a subsidiary of Lennar. Rialto Capital has invested $941.2MM of equity through Rialto Real Estate Fund I, and has $1.3 Billion of equity committed for Fund II which closed in December, 2013. Rialto Capital and its wholly-owned subsidiaries have over 385 employees in three main offices in New York and Atlanta and its headquarters in Miami as well as six satellite offices in Las Vegas, Nevada, Tempe, Arizona, Aliso Viejo, California, Denver, Colorado, Charlotte, North Carolina and Portland, Oregon.
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