Koll Sells Out $27M Project

IRVINE, CA-The Koll Co. of Newport Beach has buyers in escrow on all 27 buildings of its $27 million Koll Center, an office and light industrial business park in the Irvine Spectrum, while construction has yet to be completed. The company reports that owner-users from a broad spectrum of industries have gone under contract to buy the buildings, which range from 3,000 sf to 7,000 sf.

The Koll Center development occupies an 8.9-acre parcel at the corner of Irvine Center Drive and Scientific Way and totals 140,000 sf of buildings. The development site is just southwest of the interchange between the San Diego (405) and Santa Ana (5) freeways.

Construction is nearing completion on the last of the one- and two-story buildings, which range in size from 3,079 to 7,260 square feet, reports Alan Airth. Airth is the Koll Company managing principal who directed the project’s development. Closings are expected in August.

Designed with a campus-like environment, the new project feaures landscaping throughout, with areas set aside for eating meals or for outdoor small-group meetings. Among the attractions for buyers, Airth says, is the connection of all buildings to a fiber-optic network that provides high-speed Internet and advanced business communications services.

According to Airth, the buyers at Koll Center include companies engaged in importing and exporting, electrical contracting, computers, printing, aerospace, heating and air conditioning contracting, garment distribution and real estate development. One of the buyers is Pro Audio and Lighting, a corporate audio-visual firm. President and owner Michael Ivey says his company is making the switch to ownership after previously leasing separate space for its offices and warehouse near John Wayne Airport in Irvine.

The Koll Co. owns and manages some 2.2 million sf of multitenant, light industrial space throughout Southern California and has an additional 750,000 sf under development or in the planning stage. Since its founding in 1962, the company has developed more than 85 million sf of office, industrial and retail space.