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8/14/12
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A Koll Company-led partnership purchased Saturn Business Park, a 121.1k sf business park in Brea, for $10.8 mil, or $89 per square foot. Located at 2929 East Imperial Hwy, near the Orange (57) and Riverside (91) freeways, the park is anchored by Underwriters Laboratories and The IMS Company, a software and systems developer in the airline and defense industry.
During escrow, the Koll partnership leased approximately 10 percent of the park to Endress+Hauser, a supplier of industrial measurement and automation equipment. With this deal, the park is at 60 percent occupied.
“This acquisition represents an attractive opportunity to reposition and upgrade a well located office complex,” said Gerald Yahr, Managing Principal for The Koll Company. “We were attracted to the strong market fundamentals associated with Brea and Saturn Business Park. We are already working on proposals for the balance of the building and expect to have the property repositioned and fully occupied in the near future.”
City of Industry-based EverTrust Bank provided a $9.4 mil bridge loan for the acquisition and repositioning, which will include lobby, landscaping and building upgrades. The Koll Company will provide property management services.
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