Koll Snags Tech Center for $32M

RIVERSIDE, CA-The Koll Co. of Newport Beach has acquired the 476,082-sf Riverside Technology Business Center/Marlborough Square for nearly $31.8 million, according to Sperry Van Ness, which brokered the transaction. Koll submitted the winning bid as a number of prospective buyers sought the property, Alan Deszcz, of Sperry Van Ness reports.Deszcz teamed with Frank Kosi of Sperry Van Ness to market the property on behalf of seller Marlborough Square Equities of Riverside, with Kosi also representing the buyer. Deszcz says the center generated “a tremendous amount of interest” because of its below market rents. The 17-building industrial park is at 1600-2060 Chicago Ave., near the 91, 215 and 60 freeways. Built in 1979 to 1981, the property is situated on 27 acres, was 87% leased at the time of the sale. Its more than 100 tenants include Customs and Border Patrol, Riverside County Treasurer, Terminix International and Coit.The Riverside transaction underscores the growth of demand for industrial properties in the Inland Empire, both from investors and from owner-users, as the two-county region has emerged as one of the fastest growing in the country. In another transaction in Riverside County, for example, Hallmark Communities bought a 77,582-sf industrial building at 41093 County Center Drive in Temecula from NNN County Center Drive for $7.2 million. The seller was an affiliate of Triple Net Properties of Santa Ana, a tenant-in-common specialist, which originally purchased the property in September 2001 for $6.3 million. The deal was brokered by Al Pekarcik, Rob Mitchell, Mike Bouma and Dan Vittone of Voit Commercial Brokerage, along with Kent Peters of Triple Net. The buyer also acquired excess land upon which the tenant could expand the building. The building is 100% occupied by FFF Enterprises, which has approximately two years remaining on its lease.In an owner-user deal in the Inland Empire that includes a relocation from Orange County, Great Pacific Equipment bought a 33,210-sf, free-standing industrial building on 4.5 acres at 14670 Randall Ave. in Fontana for its corporate headquarters, according to Grubb & Ellis. Great Pacific, a distributor of utility construction equipment, paid just under $2.5 million in acquiring the property from Toombs Truck & Equipment of Ohio.Randy Lockhart and Jeff White of the Ontario office of Grubb & Ellis, who represented the buyer and the seller, report that Great Equipment is slated to occupy the facility in a move from Anaheim. The firm will be relocating from a leased 18,000-sf building on one acre.