Monday, August 16, 2010

Colliers International Completes $11.42M Sale of a 208,493-SF Industrial Property in Simi Valley, CA

SIMI VALLEY,  CA (Aug.  16, 2010) – Colliers International, the second largest real estate services organization globally, has completed the sale of 208,493-square-foot industrial property at 2900-2950 Madera Rd. (bottom left photo)  in Simi Valley, Calif., to Kingsbridge International, Inc., an importer / wholesaler of housewares and giftwares.

The transaction is valued at $11.42 million.

The two-building property is comprised of a 135,683-square-foot distribution building and a 72,810-square-foot office building. Kingsbridge will be relocating to this location from their Chatsworth, Calif. headquarters, and will occupy the distribution building.

“Kingsbridge was attracted to this property because the quality of the real estate and the price point were incredibly attractive. Our client will operate its business from the 135,683-square-foot distribution building and will lease the office building back to the seller, Bank of America,” said John DeGrinis, (top right photo) SIOR, executive vice president, who represented the buyer in the transaction, along with Patrick DuRoss, (bottom right photo)  senior associate, and Jeff Abraham (top left photo), associate, all of TEAM DeGRINIS based in Colliers International’s Encino, Calif., office.

Abraham added, “Once Kingsbridge saw that the functionality, image, size and location of the distribution building were all exceptional for its use, they became very excited about this opportunity as an investment in Kingsbridge’s operations, as well as a great real estate investment opportunity.”

Bank of America was represented by Cushman & Wakefield.

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 $385 million in transactions over the past five years.

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Contact: Megan Morales, Marketing & PR Coordinator, 949 724 5537

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