Colliers International Completes Sale of Four Rite Aid Assets Totaling $23 Million in Central Valley, Calif.
Los Angeles, CA – March 1, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed a portfolio sale of four Rite Aid assets in Central Valley, Calif., comprising of 69,088-square-feet. The total transaction is valued at $23 million.
Christopher E. Maling and David Maling, Senior Vice Presidents based in Colliers International’s Downtown Los Angeles office, represented the Seller, Halferty Wilson Nicholas Properties, LLC. The Buyer, a private investor, was represented by Craig Tomlinson of Stan Johnson and Associates.
The Buyer assumed an existing CMBS loan to obtain a cash-on-cash return of 10.0% which was a critical component to closing the deal. “We were able to generate multiple offers from qualified buyers by leveraging the Colliers platform,” said Chris Maling.
“Single tenant triple net leased properties are high demand from investors and therefore are willing to acquire assets in secondary and even tertiary markets,” said Chris Maling. The four asset portfolio marks one of the largest single tenant retail portfolio transactions in California in the last 5 years. The properties are located in Shafter, Fresno, Selma and Delano.
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
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