The Koll Co., based in Newport Beach, Calif., said Wednesday it will expand into the Salt Lake market by buying two light-industrial business parks for $12.5 million.
The real estate acquisition, development and management firm acquired Redwood Business Park, a 40-unit park at 2850 S. Redwood Road, West Valley City, and Broadbent Business Park, a 60-unit, eight-building park at 3608-3712 W. 2100 South. They have a total of 11 buildings and 197,776 square feet. They were purchased from SVN Equities of Irvine, Calif.
Koll now owns or manages about 3.2 million square feet of multi-tenant, light-industrial and suburban/garden office space and has an additional 1.1 million square feet under development or in the planning stage. It also is developing Hacienda, an oceanfront community of 239 full-ownership homes in Cabo San Lucas, Mexico.