South Bay Asset Trades at Report Worth

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South Bay Asset Trades at Record Price

A private investor has acquired the Laurel Park Commerce Center from PRG Investment Management for $ 10.45 million, or $ 200 per square foot. This is the highest price paid for a comparatively large business park in the South Bay market.

The property is on 3.6 hectares and was built in 1986. It offers a lot of upside potential as 80% of the property is vacant and all current tenants are renting out month to month.

Michael Kendall and Gian Bruno from Colliers International and Steve Bohannon from Cushman & Wakefield represented PRG in the transaction. America West Properties' Eric Strauss represented the 1031 public buyer.

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