Colliers International Completes the Sale of an 11,481 Square Foot Building in Panorama City, Calif.
Panorama City, CA – February 15, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization has completed the sale of a 11,481 square-foot retail building located at 14600 Roscoe Blvd., Panorama City, Calif. The transaction is valued at $2.575 million.
Christopher E. Maling and David Maling, both Senior Vice Presidents, Phyllis Palin, Vice President, all based in Colliers International’s Downtown Los Angeles Office, and Shawn Salimian, Associate, based in Colliers’ Encino office represented the Buyer, Pluto Holdings, LLC affiliated with Kidney Center, Inc. The Seller, Roscoe Blvd Panorama City, LLC, was represented by Bryan Norcott of Studley Retail.
“This is a perfect example of today’s market conditions where certain, in-fill, supply constraint markets, makes it more economical for tenants to purchase rather than to lease. The New Owner will save close to $2,000,000 of lease costs and will also benefit from the tax benefits of depreciation,” said Maling.
The single-story building is located in close proximity to Mission Community Hospital. Kidney Center, Inc’s. desire was to find a larger building in the area in order to expand their current operations while providing a pleasant, supportive and comfortable environment for their patients. Kidney Center, Inc. and its affiliates are one of California’s leading providers of dialysis services for patients with End Stage Renal Disease (“ESRD”), or kidney failure. Kidney Center is dedicated to the needs of kidney patients and offers a wide spectrum of services, including on-going medical evaluation, frequent physician rounds, nutritional counseling/follow-up by Registered Dietitian, and an on-going social services assistance by a Licensed Certified Social Worker.
Understanding the undertaking and cost of construction for a dialysis center, the Brokers worked together to convert this originally listed property for lease into a sale. The property will go through extensive tenant improvements and remodeling in order to create the appropriate environment for Kidney Center patients.
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 consulting, 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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jennifer.hsieh (at) colliers (dot) com
Colliers International
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