Koll Acquires Nearly 85,000-SF Office Property

MISSION VALLEY, CA-Newport Beach-based developer the Koll Co. continues its bullish attitude towards San Diego County property. The firm has picked up the Mission Courtyard for $17.5 million.In the deal, Koll acquired the four-story, 84,922-sff office property from Mission Courtyard LLC, a Scottsdale, AZ-based TIC. Alan Airth, a managing principal with Koll says the property’s location, nearby restaurant and retail and “building floorplates that are especially well-configured for small tenants,” were among the chief reasons for the acquisition.Built in 1982, the class B property is 100% occupied and includes 33 office suites. The average tenant size is 2,500 sf. Amenities at the three-acre site include an open courtyard, ground-level parking and a separate two-story parking deck.”The acquisition of Mission Courtyard provides the Koll Co. with an entry point into a very desirable suburban office submarket that currently consists of more than 6.5 million sf of class B office properties,” Airth says. “We are actively seeking additional opportunities to acquire properties in San Diego that fit in our growing multi-tenant, light industrial and garden office property portfolio.”In October, a Koll-led partnership acquired nearly 25 acres in Oceanside for a planned business park. For the project, Koll has teamed with Cartlas Investments and Finest City Realty Advisors in the $6.6-million land deal. The partnership will develop Seagate Corporate Center, a 380,000-sf business park.The project will be developed in multiple stages, according to the principals involved. The first phase will count 177,000 sf. For-sale buildings will include 95,000 sf of small industrial facilities ranging from 5,000 sf to 25,000 sf; 67,000 sf of incubator light industrial space with units ranging from 2,100 sf to 5,000 sf; and 15,000 sf of office space.First phase site construction began in January with completion of the first buildings targeted for summer 2006.