Colliers International announces the sale of La Costa Towne Center a 121,429 square foot value add shopping center in Carlsbad, Calif.
Carlsbad, CA – March 12, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed the sale of La Costa Towne Center, a 121,429-square-feet retail development located in Carlsbad, Calif. The transaction is valued at $23.5 million.
Tom J. Lagos, Senior Vice President, Director Retail Services Group, El Warner, Associate Vice President, both based in the Colliers’ Downtown Los Angeles Office, Mark McEwen and Rich Lebert, both Senior Vice Presidents, based in Colliers’ San Diego office, represented the seller in the transaction. The seller was La Costa Tower LLC, an entity advised by a New York based institutional fund. The buyer was Excel Realty Trust, a publicly traded Real Estate Investment Trust (REIT) in San Diego.
“The property generated multiple offers and plenty of interest from a wide range of investors seeking value-add product within a core trade area.” said Lagos.
La Costa Towne Center is a value-add retail development built in 1982. It consists of a 30,080-square-feet-anchor space, three multi-tenant-buildings and two pads.
“The buyer purchased a property in one of the most desirable areas in the country at below replacement costs and with tremendous upside potential,” said Warner. “The buyer’s plans to reposition the center will result in compelling returns to their investors.” McEwen added.
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.
Jennifer Hsieh
Regional Marketing Manager | Greater Los Angeles
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