A Carlsbad industrial building known as Loker Corporate Center has been sold for $11.5 million.

The multitenant building at 2777 Loker Ave. West was purchased by Oxnard-based investor S&S Prop Acquisition LLC, according to a June 15 statement from Colliers International. The brokerage firm represented the seller, Whiteflag LLC of Vista.

The buyer, which was represented by Madison Partners, plans to make significant improvements to the building to help reposition the property and attract distribution and manufacturing-related tenants. The seller leased back approximately 50 percent of the building, and the balance was vacant at the time of sale, the statement said.

The property has a total of 123,454 square feet and can accommodate tenants ranging in size from 25,000 to 65,000 square feet. According to CoStar Group, the building was constructed in 1990 and was last sold for $13.4 million in 2005.

Colliers has been retained by S&S Prop Acquisition to assist with leasing.