Colliers International Completes a sale of a Trophy Grocery and Drug Anchored shopping center in Valencia, Calif.
Santa Clarita, CA – February 9, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, facilitated the investment sale of Northpark Village Square, an 87,094-square-foot neighborhood shopping center located at 27706 – 27760 McBean Parkway, Santa Clarita, Calif. to an institutional buyer with offices in Orange County California.
The property is anchored by a high performing Ralphs, and includes Rite Aid, Wells Fargo, and Starbucks as tenants. Built in 1996 and having undergone expansion in 1999, the center has maintained at least 95% occupancy since its construction.
The Seller, Northpark Village Corporation, an entity advised by Cornerstone Real Estate Advisers LLC, was represented by Tom J. Lagos, Senior Vice President and the Director of Retail Services Group, based in Colliers International’s Downtown Los Angeles office.
“The sale of Northpark Village Square proves there is a large investor appetite for quality “core” grocery-anchored retail properties. Our team was able to generate 23 qualified offers, 22 of which were all cash, within three weeks of commencing the marketing campaign. The sub 6% cap rate achieved for this transaction is an indicator of the strong demand we had from worldwide institutional investors capitalizing on the historically wide spreads between cap rates and treasury rates” said Lagos.
“We are proud of the level of service brought forth by Tom and his team. They are highly specialized allowing them to continually deliver solid results to their clients,” said Martin Pupil, Regional Managing Director of Colliers International Greater Los Angeles.
“This demand for quality anchored shopping centers may not last very long, so I hope investors who have been sitting on the fence about selling their shopping centers take notice of this sale and seize the opportunity to dispose of their properties this year,” added Lagos. “I must warn that even though market conditions are right and Buyer demand continues to be strong, all properties are different and you must have the right sales strategy to maximize value.”
About Colliers Retail Investment Services
Tom J. Lagos, CCIM is a 17 year industry veteran with a disciplined focus on selling anchored retail properties for institutional and high net-worth private investors. Along with his team, Christina Pambakian, Elhum Warner, and Christianne Mejia, they comprise an expert group of investment sales specialist that work alongside retail agency leasing experts, retail tenant representation specialist and asset management professionals to provide a 360 degree approach to retail real estate services. Their core business is organized around their clients’ needs, delivering the complete range of services necessary to help their clients make sound real estate decisions. They are part of Colliers Retail Services and Colliers Investment Services national specialty groups.
About Colliers International
Colliers International is a global leader in real estate services with more than 15,000 professionals operating out of 480 offices in 61 countries. As a subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), Colliers offers the stability of a strong financial partner and significant local ownership providing clients with accountability and enterprising real estate solutions. Colliers provides a full range of services to real estate users, owners and investors worldwide including: global corporate solutions; sales and lease brokerage; property and asset management; project management; hotel investment sales and consulting; property valuation and appraisal services; mortgage banking and insightful research. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International as the world’s number two commercial real estate brand.
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.
About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC, with offices in the US, UK, Europe and Asia, is one of the world’s largest real estate investment advisers. It provides core and value-added investment and advisory services, including a comprehensive suite of real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Cornerstone has assets under management totaling more than $30 billion. More information is at www.cornerstoneadvisers.com
Contact:
Angela Hwang, Regional Marketing Coordinator
Greater Los Angeles, Colliers International
Tel: 213 532 3258
angela.hwang (at) colliers (dot) com
www.colliers.com
Angela S. Hwang
Regional Marketing Coordinator
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
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com
