Colliers International Sells a Portfolio of Five CVS Assets in Ohio and Pennsylvania

Colliers International Sells a Portfolio of Five CVS Assets in Ohio and Pennsylvania

December 22, 2011 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed a portfolio of five CVS assets totaling 52,416 square feet and $11 million in transaction values.

Tom Lagos, Director of Retail Services Group; Shawn Bakke, Senior Vice President; and El Warner, Associate Vice President, all based in Colliers’ Downtown Los Angeles office, represented the Seller, a private investor out of Ohio and the Buyer, Cole Real Estate Investments of Phoenix, AZ.

“In order to maximize value for the Seller we developed a strategy of segregating the properties into separate pools so that each pool would appeal to a separate buyer class,” said Lagos.

“We successfully negotiated a favorable payoff for each of the attached loans despite the contractual yield maintenance costs and this resulted in increased proceeds for the Seller,” added Warner.

“This is a high quality acquisition for Cole as each of the five CVS stores are well located within their respective trade areas and have a history of strong sales performance,” said Brian Garrigan, Director of Acquisitions at Cole Real Estate Investments.

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.

###

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

Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com

SHARE

Colliers International is a leading global real estate services organization defined by our spirit of enterprise. Through our culture of service excellence and a shared sense of initiative, we have integrated the resources of real estate specialists worldwide to accelerate the success of our clients.

Our headquarters in Seattle, Washington and more than 480 offices worldwide share a common brand and vision to provide the best service experience available.

Contact:

Colliers International
865 S Figueroa St., Suite 3500
Los Angeles, CA 90017

Angela S. Hwang
Regional Marketing Coordinator

Dir +1 213 532 3258
Main +1 213 627 1214
Mob +1 310 867 4105
Fax +1 213 327 3258

Previous articleVOIT REAL ESTATE SERVICES’ PHOENIX OFFICE EXPANDS ITS BROKERAGE TEAM WITH THE ADDITION OF TOM RICHARDS
Next articleStatement from NAHB Chairman Bob Nielsen on Debate to Extend and Pay for Payroll Tax Deduction