Koll Co. buying vacant distribution center on west side in $29 million deal

Phoenix – In what will be its first Valley investment in five years, The Koll Co. in Newport Beach, Calif. (Samuel DePoy, pres.) has agreed to acquire a 682,291-square-foot distribution building located near the northeast corner of Durango Street and 75th Avenue in Phoenix. The vacant project was developed in 2010 by Buzz Oates Enterprises Arizona in Phoenix (Doug Barkdull, principal). Sources say a company formed by Koll will pay roughly $29 million to buy the property from Buzz Oates in a deal set to close this quarter. The sale is being brokered by Bo Mills and Mark Detmer of Jones Lang LaSalle in Phoenix. For the past 20 years, BREW has reported The Koll Co. developing, buying and selling office and industrial properties in the Phoenix area. The company presently owns more than 700,000 sq. ft. of office and industrial space in seven projects located in the Valley. Continue reading

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