A private investor has acquired the Laurel Park Commerce Center from PRG Investment Management for $10.45 million or $200 per square foot, which is the highest price paid for a comparably sized business park in the South Bay market.
The property is located on 3.6 acres and was built in 1986. It offers plenty of upside with 80% of the property vacant and all current tenants on month-to-month leases.
Michael Kendall and Gian Bruno of Colliers International and Steve Bohannon of Cushman & Wakefield represented PRG in the transaction. Eric Strauss of America West Properties represented the 1031 exchange buyer.