The Koll Company Buys 77k sf Building Adjacent to Irvine Business Complex
July 24, 2018
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The Koll Company announced today it has acquired a 77k sf flex building adjacent to the Irvine Business Complex and has begun major renovations to upgrade the building for a new prospective tenant.
Located at 1361 Valencia in Tustin, the two-story building offers office/R&D space, plus 20k sf of high bay warehouse space including two dock-high loading doors.
It's a strategically located building with significant potential, according to Scott Meserve, Principal, The Koll Company. Meserve said 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.
The building provides easy access to the 5, 405 and 55 freeways and also benefits from nearby community amenities, including The District at Tustin Legacy, which features 1 msf of stores, restaurants and services.
The Koll Company is undertaking a complete transformation of the property, including enhancements to the exterior, new landscaping, signage, common area amenities and tenant improvements.
The major renovation will provide the level of modern building amenities that company owners and employees expect in today's market, Meserve said. The Koll Company's total capital investment in the building will exceed $4 mil.
Mike Long of Lee & Associates represented the seller. Mike Hartel, Joe Winkelmann and Nick Velasquez with Colliers International represented The Koll Company. California Bank & Trust completed a bridge loan for the transaction.