The Koll Company Sells 2 Industrial Parks Acquired Just 2 Years Ago – For Nearly Twice the Amount of the Acquisition Price
Through strategic acquisitions and sales of properties in the Western United States, company’s management team creates value for its property investment partners
IRVINE, CALIF., September 2021 – The Koll Company today announced the sale of two industrial parks in transactions that totaled nearly twice what the company and its investment partners paid for the properties just two years ago.
Immediately after acquiring the properties – AmPac Industrial Park in Henderson, Nev. and Broadway Industrial Park in Tempe, Ariz. – Koll undertook major reinvestments and implemented best-in-class management and leasing at both locations. From enhancing the properties’ interior and exterior spaces, to executing long-term leases at market rates, to improving operating efficiencies, these efforts transformed the properties into highly desirable, market-leading locations.
“We’re grateful that we were able to create exceptional value for our investment partners through the strategic purchase, hands-on management, reinvestment and sale of these properties,” said Scott Meserve, principal, The Koll Company. “Suffice to say our partners are extremely pleased with our performance and successful execution of the business plan for these two industrial parks.
Meserve added: “What made these deals possible is the combination of implementing our in-house management expertise, strategic capital improvements and expertise of the leasing teams we selected for each property. Jennifer Levine and Elizabeth Moore of RealComm Advisors represented Koll at AmPac and Phil Haenel of Cushman & Wakefield represented Koll at Broadway.”
When AmPac Industrial Park was purchased in 2019, there were seven vacancies totaling 22,597 square feet, as well as 20 month-to-month tenants. When Koll and its partners sold the property this year, it was 100 percent leased with no month-to-month lease term tenants.
CBRE, Darla Longo and Rebecca Perlmutter, partnered with Koll to sell the property, which comprises 175,818 square feet and 41 tenants. Koll and its investment partners purchased the property in 2019 for $21.2 million and sold it for more than $42 million.
For the sale of Broadway Industrial Park, Koll partnered with Cushman & Wakefield, Will Strong and Phil Haenel. Acquired in 2019 for $7.47 million, the property was sold for more than $13 million. Broadway Industrial Park comprises two tenants in two buildings that total more than 58,000 square feet. The property is in Tempe’s industrial submarket, one of the most sought-after industrial areas in metro Phoenix.
The Koll Company continues to achieve above-market returns for its investment partners, Meserve noted, by continually expanding its portfolio through identifying industrial investment properties across the Western United States. In just the first-half of 2021 alone, the company acquired more than $75 million in industrial properties.
About The Koll Company: The Koll Company is a well-capitalized fully integrated real estate operating company headquartered in Irvine, Calif. With more than 50 years in the real estate industry, Koll was originally established as a general construction firm and rapidly grew into a leading real estate services company. Koll’s track record includes the development and acquisition of over 150 million square feet of office, industrial, retail, resort, and golf properties. Koll acquires, develops, and manages investments while serving institutional investors and high net worth individuals. The firm’s investment strategies are implemented by a disciplined and dedicated team of professionals with a long history of integrating fundamental real estate knowledge, capital markets experience, and local and economic research. Koll currently owns and operates a portfolio totaling 4.8 million square feet, 3.6 million square feet of which has been acquired since 2014.