Friday, November 19, 2010

Colliers International Directs Sale of Single Tenant NNN Wells Fargo Bank Building in Victorville, CA

IRVINE, CA– Colliers International, the second largest real estate services organization globally, has completed the sale of a 5,000-square-foot retail building located at 15638 Roy Rogers Dr. (top left photo) in Victorville, Calif. to Top GLB, Inc. The transaction is valued at $2.07 million.

 Built in 2009, the 5,000-square-foot, single-tenant property features an absolute NNN lease to Wells Fargo, with 15 years of the lease remaining.

 “The property was listed for just 14 days before closing and sold to an out-of-state buyer who paid all cash. There is a high demand from investors in today’s market in seeking out low-risk, single-tenant properties with long term leases,” said Jereme Snyder, senior vice president in Colliers International’s Irvine office, who represented the seller, AMORYCIV, LLC, in the transaction. 

The buyer was represented by Jayson Kim of Coldwell Banker Commercial.

Snyder is a co-founder of Colliers NNN Group, a specialized national investment team within Colliers International with more than $1 billion dollars in completed transactions.

 In 2009 the Colliers NNN Group sold more than 75 net-leased properties across the country, totaling more than $200 million in transaction volume. 

The group’s core focus is the acquisition and disposition of net lease investments throughout the United States.

 Colliers International Directs $7.9 Million Industrial Sale in
Long Beach, CA

LONG BEACH, CA.– Colliers International, the second largest real estate services organization globally, has directed the sale of a 200,541-square-foot industrial building located at 1665 Hughes Way  (middle left  photo)in Long Beach, Calif., to Long Beach-based Intex Realty Corp, a private investment company, for $7.9 million.

Built in 1984, the 200,541-square-foot, two-story R&D building is situated on 11.3 acres of land. It was refurbished in 1998 with new heating, ventilation and air conditioning (HVAC), heavy power, and dock and grade-level loading.

 “The transaction involved two separate sellers: New York based Lexington Realty and Raytheon. Lexington Realty owned the 200,541-square-foot building, situated on 8.5 acres of land. 

"Raytheon owned 2.46 acres of contiguous land, which sold as part of the total transaction,” said David A. Drummond, SIOR, executive vice president, and Charles Littell, CCIM, associate vice president, both of Colliers International’s Torrance, Calif. office, who represented the buyer.

 According to Drummond, Intex Realty is considering numerous options for the property including occupying the building itself or marketing it to tenants either “as-is”, modified to a single-story warehouse with a large yard, or as a new build-to-suit industrial building.

 Both sellers, Lexington Realty and Raytheon, were represented by CBRE’s Jeffrey Sharpe, Tom Cherry and Dave Smith.

For further information,  please contact:

Angela Hwang, Regional Marketing Coordinator
Greater Los Angeles, Colliers International
Tel: 213 532 3258