First Sale of a Privately Owned Electric Charging Station in the Nation

January 11, 2012

by Colliers International

Category: Press Releases || Housing & Development, Investing, Property, Rentals, Transactions | No Comments

San Bernardino CA – January 11, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed an unprecedented sale of a newly developed neighborhood center in San Bernardino, Calif. Built in 2009, Ree-Charge ‘N Go ® is not only anchored by 7-Eleven and T-Mobile but offers charging station that can fuel multiple electric vehicles at once.

According to Mr. Jian Torkan, President of ICO Real Estate Group, Inc. who developed this property, “This is the first privately owned Level III DC Fast Charging station electric charging station that was designed like a gas station, and offering refueling for electric vehicles to the public usage in the United States.”

The sale illustrates the broader movement towards clean energy. Revenue of the Hybrid and Electric Vehicle Manufacturing industry is anticipated to increase 6.3% per year to $4.2 billion in the five years to 2016, according to IBISWorld, the nation’s largest publisher of industry research. Expected growth in oil prices will keep demand high as more consumers switch to hybrid and electric vehicles. Proactive and forward-thinking developers are meeting this upcoming demand wave by building properties that cater to this growing demographic.

“Due to this unique position, the Ree-Charge ‘N Go ® offering attracted multiple offers and resulted in an aggressive dollar per square foot and cap rate,” said of Mehran Foroughi, Senior Vice President, who represented the seller and the developer, ICO Real Estate Group, Inc.

About Colliers International

Colliers International is the third largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.

Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.

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Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
angela.hwang (at) colliers (dot) com

Colliers International
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