donedeals-3: Colliers International 11-18-10

Thursday, November 18, 2010

Colliers International Completes Mixed-Use Sale Totaling $3.85 Million in Hollywood, CA

LOS ANGELES, CA– Colliers International, the second largest real estate services firm globally, has completed the sale of a 25-unit hotel located at 7160 W. Sunset Blvd. (top left photo) and an eight unit apartment building located 1442 N. Formosa Ave., both in Hollywood, Calif. to Step Up on Second, a nonprofit organization providing psychosocial rehabilitation and support to people affected by severe and persistent mental illness.

The total transaction is valued at $3.85 million.

Both properties, built in 1954, underwent renovations from 2003 to 2007. The two-story, 25-unit hotel, includes a small vacant retail space on the ground floor.

“The property will now be called ’Michael’s Village’ and will house 30 formerly homeless individuals affected by mental illness through the Step Up on Second organization,” said Kathleen A. Silver, CCIM, senior vice president, based in Colliers International’s Downtown Los Angeles office, who represented the seller, Patel Family Trust, in the transaction.

Along with Silver, Kay Thorpe of Colliers International’s DTLA office, represented the seller. The buyer was represented by Bailes and Associates, Inc.

Step Up on Second is a member of the Clinton Global Initiative (CGI), established in 2005 by President Bill Clinton (lower left photo). The CGI convenes global leaders to devise and implement innovative solutions to some of the world's most pressing challenges.

Media Contacts:

Megan Morales, Marketing & PR Coordinator, Greater Los Angeles, Colliers International,Tel: 949 724 5537

megan.morales@colliers.com

Angela S. Hwang

Regional Marketing Coordinator

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

www.colliers.com

www.twitter.com/colliersgla.

Colliers International Negotiates 43,700-SF Industrial Lease in San Fernando, CA

Los Angeles, CA – Colliers International, the second largest real estate services organization globally, has negotiated the 87-month lease of a 43,700-square-foot industrial building at 250 Parkside Dr. (top left photo) in San Fernando, Calif., to Mygrant Glass Company, Inc. a Hayward, Calif.-based distributer of automotive glass products.

Built in 1986, the free-standing building is located within Parkside Industrial Center, and features 24-foot ceiling, four dock-high doors and a fenced yard. The building has modern amenities that were very important to Mygrant.

“Mygrant Glass Company required a building with more functional space and higher ceilings than their current facility in Arleta.

“This property not only fit those requirements, it is also located within a short distance from their current operations,” said John DeGrinis (middle right photo), SIOR, executive vice president, who represented the tenant in the transaction, along with Patrick DuRoss, (middle left photo) associate vice president, and Jeff Abraham (lower right photo), associate, all of TEAM DeGRINIS based in Colliers International’s Encino, Calif., office.

Innovision Property Group out of Salt Lake City, Utah, Mygrant Glass’ national exclusive representative, partnered with TEAM DeGRINIS to represent the tenant.

Douglas Wax of Industrial Park Associates represented the landlord, Oxnard, Calif.-based San Fernando Associates LLC, a real estate investment firm, in the transaction.

TEAM DeGRINIS is a specialized group within Colliers International that provides consulting on industrial and R&D real estate requirements in the North Los Angeles region.

With a combined 40 years of experience in the commercial real estate industry, TEAM DeGRINIS is a leader in sharing strategic local market insight and has completed more than $425 million in transactions over the past five years

For more information, visit www.colliersmn.com/teamdegrinis