Colliers International Negotiates $23.85 Million Investment Sale of a 351,723-Square-Foot Distribution Center in Kern County, Calif.
Kern County, CA – November 30, 2010 – (RealEstateRama) — Colliers International, the second largest real estate services organization globally, has negotiated the disposition of a 351,723-square-foot single tenant, fulfillment and distribution center at the Tejon Industrial Complex in Kern County, Calif. to a New York City- based institutional group. The transaction is valued at $23.85 million.
The property is situated within the industrial complex at Tejon Ranch, located in the City of Lebec in Kern County. Tejon Ranch is a master-planned development located at the heart of California’s north-south connection, just north of Los Angeles near Interstate 5. The industrial property is 100 percent leased to Brown Group Retail, Inc., a St. Louis, Mo.- based company operating a chain of footwear stores.
“This transaction evidences the investment market’s continued appetite for ‘yield’,” said John DeGrinis, SIOR, executive vice president, based in Colliers International’s Encino, Calif. office, who represented the seller in the transaction. “The property services more than 350 Famous Footwear stores west of the Rockies, and this investment offered the buyer a long-term income stream from a name brand tenant in Famous Footwear.”
Along with DeGrinis, Thomas Taylor, executive vice president, based in Colliers International’s Ontario, Calif. office and Patrick DuRoss, associate vice president, based in Colliers International’s Encino, Calif. office, partnered with Roy L. Splansky, SIOR, and Mark B. Goode, SIOR, of Chicago-based Venture One Real Estate in representing the seller, Clayco Inc., a full-service real estate development, design and construction firm.
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.
About Clayco Inc.
Clayco Inc. is a full-service real estate development, design and construction firm with annual revenues of $755 million, specializing in “the art and science of building.” With offices in St. Louis, Chicago, Detroit and Washington D.C., Clayco provides design-build project delivery on a nationwide basis for the corporate, financial, industrial, institutional, government and residential markets. For more information, visit www.claycorp.com.
Contact:
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angela.hwang (at) colliers (dot) com
Colliers International
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