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.