Colliers International Closes $8.25 Million Sale of Industrial Multi-Tenant Project in Long Beach, Calif.
Long Beach, CA – March 8, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed the sale of a two-building multi-tenant industrial park totaling 121,127 square feet, located at 701-733 West Anaheim Street and 700-806 West 14th Street, Long Beach, Calif. The transaction is valued at $8.25 million.
Patrick Remolacio, Managing Director, and Bret Hardy, Executive Managing Director, based in Colliers International’s Irvine and Downtown Los Angeles offices, together with their co-listing partners, David Prior and Murray Smith of the Klabin Company’s Torrance office, represented both the Seller and Buyer. The Seller was Bechler Corp of Long Beach Calif. The Buyer was Rader Properties Group 14, LLC also based in Long Beach, Calif. Bill Townsend, president of INCO Commercial in Long Beach, also assisted in the transaction and is the project leasing agent.
“The Anaheim Street multi-tenant industrial park is the 14th asset that Colliers has successfully sold in Bechler Corp’s onetime 1,000,000 square foot Southern California industrial portfolio, since the marketing effort began in October 2009. For a variety of reasons, Bechler Corp had earlier made a decision to monetize the company’s investment real estate assets and distribute the sale proceeds as received to its 50-plus shareholders. Through a series of one-off transactions to both users and investors over the past 28-months, Colliers efforts resulted in generating total sale proceeds in excess of $80-million” said Remolacio.
“At the time of sale, the project was operating at approximately 90% occupancy with 25 tenants occupying 34 of the 36 units. Many of the tenants in this multi-tenant complex are engaged in businesses that support and fulfill the needs of a variety of operations taking place within the Ports of Long Beach and Los Angeles terminal operations.” said Hardy.
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 512 offices in 65 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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jennifer.hsieh (at) colliers (dot) com
Colliers International
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