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
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