The Koll Co., a Newport Beach, Calif.-based real estate organization, purchased La Costa Meadows Industrial Center, a 154,917-square-foot multitenant property in San Marcos, Calif.
The value of the transaction was $12 million.
Originally built in two phases completed in 1978 and 1991, La Costa Meadows Industrial Center is situated on a 10.4-acre site at 1611-1665 S. Rancho Santa Fe Road at the intersection of Melrose Drive, approximately six miles east of Interstate 5.
San Diego-based La Costa Meadows Industrial Center Ltd. was the seller.
The property, which is more than 99 percent occupied, consists of eight one- and two-story buildings, with 56 office and industrial units ranging in size from 740 to 11,523 square feet. The buildings feature painted pre-cast concrete tilt-up panels.
Both The Koll Co. and the seller were represented in the transaction by Louay Alsadek and Mark Emerick of Grubb & Ellis/BRE Commercial.
The Koll Co., which will manage the center itself, will make improvements to the property, including facade, landscaping and parking lot upgrades.
The Koll Co. acquires, develops and manages commercial real estate investments.