Colliers International Completes Sale of REO Multi-Tenant Office Building for $4.8 Million in Westlake Village, Calif.
Westlake Village, CA – March 14, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed the sale of a 45,103-square-feet, multi-tenant office building located at 31225 La Baya Drive, Westlake Village, Calif. The transaction is valued at $4.8 million.
William Gloege, Associate Vice President, based in Colliers International’s Downtown Los Angeles office, Jeff Albee, Senior Vice President, Jeff Gould, Senior Associate and Chris Itule, Senior Associate, all based in the Encino office represented the Seller and Buyer. The Seller was a national Special Servicer. The Buyer was Toth Properties, a private capital syndication investor.
“We successfully developed and executed a top tier marketing strategy that not only maximized the value of the asset, but also ensured a fluid closing within a specific and tight time frame,” said Gloege. “At the time of foreclosure, leasing and tenant relations at the property had been abandoned by the previous owner, requiring a quick and effective solution. We quickly worked with a Special Servicer to mitigate these issues, stabilize the property and preserve value,” added Gloege.
The multi-tenant office building is located in the heart of Westlake Village, one of the most affluent communities in California and is an ideal value-add opportunity. At the time of the sale, the property was 60% occupied with rent upside, which commanded a low initial capitalization rate for the Seller. This represents one of the first REO sales transactions for a commercial property in the Westlake Village market.
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
