Wednesday, January 2, 2013

Colliers International Completes Largest Single Tenant Restaurant Sale Since 2010 in Southern California



1360 West Garvey Ave., West Covina, CA
WEST COVINA, CA (Jan. 2, 2013) Colliers International, the third largest global real estate services organization, has completed an investment sale of a single tenant restaurant in West Covina, totaling 2.38 acres at 1360 W. Garvey Avenue.

Patrick Barnes, Vice President, and Peter Spragg, Associate Vice President of Colliers International, represented the seller. The buyer is Olympic Harbor Investment Corporation, a Nevada Corp., based out of Los Angeles, Calif.


Patrick Barnes
Sold at $4.2 million, 1360 W. Garvey Avenue is the largest single tenant restaurant sale since 2010 in Southern California.

The property received multiple offers because of its large physical value (2.4 acres of land) and direct exposure to I-10 freeway and adjacent to the 1.4 million square foot West Covina Mall.

Peter Spragg
 “The biggest challenge we needed to overcome was the strength of the existing tenant,” explained Patrick Barnes, who said that the property was unable to seek out most triple net investors.

 “In addition to the investment community, there would have been a demand for the real estate if there had not been a lease in place.” Barnes believes that the Southern California investment market will continue to adjust and strong demand will return to the investment and tenant community throughout 2013.

Contact:

Rainee Tiske
Marketing Specialist | PR GLA| Torrance, CA
Dir +1 310 381 2413
Main +1 310 381 1000

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