Colliers International Completes the 9,219-Square-Feet Retail Sale Valued at $1.750 Million in San Clemente, Calif.
Torrance, CA – April 13, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, has completed the sale of a 9,219-square-feet multi-tenant retail property located at 1011 – 1041 Avenida Pico, San Clemente, Calif.. The transaction is valued at $1.750 million.
This retail center was built in 2005 is part of the Courtyards at Talega, a 35,000-square-feet community shopping center, located in the upscale community of San Clemente.
Ian Schroeder and Maurice Nieman, vice presidents, based in Colliers International’s Irvine office, represented both the seller, JP Morgan Chase, and the buyer, SVN Equities, an investment management company.
“We had worked with the former owner prior to foreclosure on selling this Center and worked on various leasing assignments. Unfortunately the poor economy, high vacancies and tenant turnover caused the property into foreclosure,” said Nieman.
“As a bank-owned property, we found a great local buyer who we believe will be able revitalize and re-lease this 50% vacant center and realize its true potential,” added Schroeder.
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.
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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
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www.colliers.com
