Colliers International Completes the Sale of Bank Owned REO Shopping Center for $2.55 Million in Gardena, Calif.
Gardena, CA – May 20, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, has completed the sale of a 43, 242-square-feet retail shopping center located at 14950 – 15000 Crenshaw Blvd., Gardena, Calif. The transaction is valued at $2.55 Million.
This one-story retail shopping center was built in 1952 with the second building added in 1988. It offers 148 parking spaces and is located at a corner of Crenshaw Blvd. and Marine Ave. At the time of the sale, the center was 50% vacant and 50% occupied.
Christopher Maling and David Maling, senior vice presidents based in the Colliers International’s Downtown Los Angeles office represented both the seller Banco Popular, N.A. and buyer, Young Kim, a private value add developer.
“This shopping center was initially sold in 2006 for $8.5 million,” said Chris Maling. “However, the bank decided to foreclose on borrower and awarded the listing to us.”
“We generated more than 20 offers for this property, and the bank selected the highest, most qualified buyer. We closed the deal in just 14 days,” added David Maling.
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
