Colliers International Completes Purchase of a 186,726 Square-Feet Industrial Building in Simi Valley, Calif.
Simi Valley, CA – March 5, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed the purchase of a 186,726-square-feet industrial property located at 3935-3949 Heritage Oak Court., Simi Valley. The transaction value is confidential.
John DeGrinis, Senior Executive Vice President, Patrick DuRoss, Associate Vice President, and Jeff Abraham, Senior Associate all based in Colliers International’s Encino office represented the Buyer, Port to Port Import Export Inc. and Siena Floral Accents, Inc. The Seller, Invesco, was represented by Barbara Emmons, Bob Kahn and Billy Walk of CB Richard Ellis.
The buyer will be relocating its businesses from Santa Clarita to the Simi Valley location. “In our region, it is most common for companies to migrate from east to west or north from the San Fernando Valley,” said DeGrinis. “We seldom see businesses relocate south from Santa Clarita, but with a limited number of buildings to choose from in the North Los Angeles region greater than 100,000 square feet, we had to expand our client’s area of consideration.” DeGrinis previously represented the tenants that occupied the building prior to the sale and declared this to be one of his favorite buildings in the market given the very high quality of the property.
“Over the past two years, there have only been four buildings sold to owner / users over 150,000 square feet in the entire North Los Angeles region,” added DuRoss. All four have occurred in the Simi Valley / Moorpark submarket. DeGrinis, DuRoss and Abraham represented the buyers in two of those transactions. “In both cases, our clients have been heavy users of the Ports of Los Angeles and Long Beach,” he continued. “The modern, high quality distribution buildings are what attracted our clients to consider moving west. In addition, the logistics costs still made sense due to close freeway access and proximity to the Los Angeles Basin.”
The high-image, Class A industrial building was constructed in 1999 and offers state-of-the-art building features including 30-foot minimum clearance, 21 dock high loading positions and high image office space. It will be used for warehousing and distribution of home décor products.
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 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
Dir +1 949 724 5545 | Mobile +1 949 422 6319
Main +1 949 724 5500 | Fax +1 949 724 5600
jennifer.hsieh (at) colliers (dot) com
Colliers International
3 Park Plaza, Suite 1200 | Irvine, CA 92614 | USA
www.colliers.com
