Tuesday, May 3, 2011
Colliers International Completes 20,164-Square-Feet, Rite Aid-Anchored Retail Center Sale at 8.5% Cap Rate for Total Value of $8.965 Million in Somerset, NJ
SOMERSET, NJ, May 3, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a 20,164-square-feet multi-tenant retail property located at 464 Elizabeth Ave. Somerset, NJ 08873 (top left photo) to a private regional developer. The transaction is valued at $8.965 million.
This retail center was built in 2009 and boasts strong national tenants such as Rite Aid and Dunkin Donuts and New Millennium Bank. Additionally, its location offers less than an hour’s drive from New York City and has experienced strong growth driven by Fortune 500 companies and Rutgers University.
Colliers received a total of 10 offers on the property, the majority of which were high net worth investors living throughout the U.S. The sale closed at an 8.5% cap rate.
Ian Schroeder and Maurice Nieman, vice presidents, based in Colliers International’s Irvine office, represented both the buyer and seller by partnering with William Aiello and George Lulos, both senior vice presidents based in Colliers International’s Harrisburg, PA office.
“We sold this property for $35,000 less than the asking price, which is a testament to the shortage quality net leased assets in the market,” said Nieman. “Our job in a transaction such as this is to manage the process from start to finish.”
Nieman added that Colliers executed a very detailed up-front analysis of the property expenses, submarket, and tenants which supported its ability to generate a premium price for this asset.
“This was a quality asset in which we received multiple offers allowing us to drive up the price. We put our marketing process to work fully exposing this property to both investors and brokers which allowed us to achieve the highest possible price for our client,” said Schroeder.
Colliers International Completes 3,080-SF Medical Office Sale for $1.7 Million in Los Angeles
LOS ANGELES, CA, May 3, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of a 3,080-square-feet medical office building located at 8158 Beverly Blvd (lower right photo). Los Angeles, Calif. The transaction is valued at $1.7 million.
Built in 1950, the property is a single-story medical office building located on Beverly Blvd between La Cienega & Crescent Heights. It occupies 3,080 square feet on 5,489 square feet of land and offers 10 parking spaces.
Kathleen A. Silver, CCIM, Senior Vice President, based in Colliers International’s West Los Angeles office represented the buyer, Blufrog REI 8158 Beverly, LLC. The seller, The Schonfield Family Trust, was represented by Brad Conroy of Conroy Commercial.
“At long last, Blufrog REI 8158 Beverly, LLC finds a medical building after an in-depth 2 year search,” said Silver. “The area has a supportive medical community with Cedars Sinai Medical Center less than a mile away. This was a unique opportunity with very little product available of its kind."
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