UPLAND, CALIF. — The partnership of Koll/PER has acquired College Business Park in Upland from Wohl Investment Company for $39.9 million. The buyer is a limited liability company owned by The Koll Company and the Public Employee Retirement System of Idaho (PERSI).
College Business Park features 17 single-story industrial, office and flex buildings totaling 313,367 square feet of space. The tilt-up buildings range in size from 13,369 square feet to 22,426 square feet with tenant sizes ranging from 600 square feet to 14,000 square feet. The site offers more than 200 suites.
Armando Enriquez, acquisitions manager for The Koll Company, says his company was attracted to the property due to its exceptional location in a strong market area, great visibility, curb appeal and functional site layout.
“This was an opportunity to acquire one of the largest multi-tenant business campuses in Southern California that provides the flexibility of offering 100 percent office build-out and flex and industrial space in one project,” Enriquez says. This variety of product appeals to a diverse set of tenant types and the diversification helps limit risk exposure to any one tenant type.”
Located at the intersection of Foothill Boulevard and Monte Vista Avenue, the property is situated on a 24.55-acre site that straddles the county line between Los Angeles and San Bernardino counties.
The Palmer Team represented the Newport Beach, Calif.-based seller in the transaction and The Koll Company was represented in-house.
“Lack of available large land parcels for development in the area, coupled with high land prices, create barriers of entry that will minimize, if not prevent, future development of comparable product,” says Enriquez.