Real estate development and management firm The Koll Co. has bought a multi-tenant property in San Marcos, Calif., for $12 million. With the acquisition of The La Costa Meadows Industrial Center, Koll’s industrial portfolio measures more than 1.5 million sq. ft.
The industrial center property was purchased from La Costa Meadows Industrial Center, Ltd., a San Diego-based partnership. The property consists of eight one- and two-story buildings with 56 office and industrial units. Grubb & Ellis/BRE Commercial represented both Koll and the seller in the transaction.
Alan Airth, managing principal at Koll, said the 154,917 sq. ft. La Costa Meadows purchase fits the company’s overall strategy of buying existing multi-tenant, light industrial properties across the Los Angeles, Orange and San Diego counties.
Koll plans to self-manage the center, which is almost fully occupied. The company also will renovate the property via upgrades to the facade, landscaping and parking lot.