Newport Beach, Calif.-based The Koll Co. purchased Santa Fe Springs Commerce Center, a 157,669-square-foot multi-tenant industrial property in Santa Fe Springs, Calif.
The value of the transaction was $11.5 million.
Completed in 1978, the center is situated on an 8.2-acre site at 9920-10020 Pioneer Blvd., a mile east of the 605 Freeway.
The property was purchased from Roll Properties International Associates, which is based in Los Angeles.
The property, which was 78 percent occupied at the time of sale, consists of seven one- and two-story buildings with 39 office and industrial units ranging in size from 1,600 to 16,000 square feet.
Stephen Batcheller of CB Richard Ellis represented The Koll Co. in the transaction, while the seller represented itself.
The Koll Co. will manage and lease the center with its in-house staff. Planned improvements include upgrading the façade and landscaping, as well as repainting the exterior.
The Koll Co. acquires, develops and manages commercial real estate investments.
What’s your opinion? Send your Letter to the Editor to firstname.lastname@example.org.