Tuesday, April 19, 2011

Colliers International Completes Sale of Single Tenant Starbucks for $1,194 per SF in Culver City, CA

CULVER CITY, CA, April 19, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a 2,250-square-feet single tenant Starbucks (top centered photo) located at12313 Jefferson Blvd. Culver City, Calif. 90230. The transaction is valued at $2.685 million.

 Built in 2007, the property is a single story retail building and has a corporate guaranteed lease by Starbucks. Located at the corner of Jefferson Blvd and Centinela Ave, the high traffic intersection is a major traffic route for Marina Del Rey, Playa del Rey, Westchester, Playa Vista and Loyola Marymount University.

Jereme Snyder (top left photo), senior vice president of Colliers Retail Services and Director of Colliers NNN Group based in Colliers International’s Irvine office represented the seller, Olive Investment Group, LLC.

 Kathleen Silver and Kay Thorpe represented the buyer, a Private Investor located in LA County.

“The property had multiple challenges to overcome including a NN lease, no drive-through and a tenant termination right in 6 years. With over 10 offers received on the asset, the sale is evidence that there is a very strong demand and a premium paid for well located real estate in Southern California,” said Snyder

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

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

No comments: