Koll Claims Strategically Located Flex Buidling Near Irvine Business Complex
Irvine, CA-based The Koll Company acquired a 77,000-square-foot flex building in Tustin, CA, for a reported $12 million. Located at 1361 Valencia, adjacent to the Irvine Business Complex, the two-story building offers office/R&D space, plus 20,000 square feet of high bay warehouse space and two dock-high loading doors.
The Koll Co.'s Scott Meserve says the building, which has been vacant since the end of the year, is only one of a handful of opportunities available in the market and is ideal for single tenants who require a mix of office/R&D and warehouse space. Koll commenced more than $4 million in renovations to upgrade the building for a new prospective tenant.
Colliers International's Mike Hartel, Joe Winkelmann and Nick Velasquez represented the buyer. Lee & Associates' Mike Long advised the undisclosed seller. California Bank & Trust completed a bridge loan for the transaction.