Colliers International Completes Sale of Single Tenant Starbucks for $1,194 per square-foot in Culver City, Calif.
Culver City, CA – April 19, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, has completed the sale of a 2,250-square-feet single tenant Starbucks located at12313 Jefferson Blvd. Culver City, Calif. 90230. The transaction is valued at $2.685 million.
Built in 2007, the property is a single story retail building and has a corporate guaranteed lease by Starbucks. Located at the corner of Jefferson Blvd and Centinela Ave, the high traffic intersection is a major traffic route for Marina Del Rey, Playa del Rey, Westchester, Playa Vista and Loyola Marymount University.
Jereme Snyder, senior vice president of Colliers Retail Services and Director of Colliers NNN Group based in Colliers International’s Irvine office represented the seller, Olive Investment Group, LLC. Kathleen Silver and Kay Thorpe represented the buyer, a Private Investor located in LA County.
“The property had multiple challenges to overcome including a NN lease, no drive-through and a tenant termination right in 6 years. With over 10 offers received on the asset, the sale is evidence that there is a very strong demand and a premium paid for well located real estate in Southern California,” said Snyder
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.
Contact:
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
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
