Koll Co.: A fund affiliated with the...

Koll Co.: A fund affiliated with the Newport Beach developer has agreed to buy MIP Properties Inc., the Santa Monica real estate investment trust, the company said Monday.

Under the terms of the letter of intent, a fund affiliated with Koll Co. unit K/B Advisors will buy 9.17 million shares of MIP’s outstanding stock at $2.52 apiece. That would put the value of the deal at about $23 million.

MIP Properties, formerly Mortgage Investments Plus Inc., is a real estate investment trust that owns office, retail and industrial properties in California.