LONG BEACH, CA, Mar. 8, 2012 – Colliers International, the third largest global real estate services organization, has completed the sale of a two-building multi-tenant industrial park (top left photo) totaling 121,127 square feet, located at 701-733 West Anaheim Street and 700-806 West 14th Street, Long Beach, Calif.
The transaction is valued at $8.25 million.
Patrick Remolacio (middle left photo), Managing Director, and Bret Hardy (lower right photo), Executive Managing Director, based in Colliers International’s Irvine and Downtown Los Angeles offices, together with their co-listing partners, David Prior (lower left photo) and Murray Smith of the Klabin Company’s Torrance office, represented both the Seller and Buyer.
The Seller was Bechler Corp of Long Beach Calif. The Buyer was Rader Properties Group 14, LLC also based in Long Beach, Calif. Bill Townsend, president of INCO Commercial in Long Beach, also assisted in the transaction and is the project leasing agent.
“The Anaheim Street multi-tenant industrial park is the 14th asset that Colliers has successfully sold in Bechler Corp’s onetime 1,000,000 square foot Southern California industrial portfolio, since the marketing effort began in October 2009,” said Remolacio.
For a variety of reasons, Bechler Corp had earlier made a decision to monetize the company’s investment real estate assets and distribute the sale proceeds as received to its 50-plus shareholders.
“Through a series of one-off transactions to both users and investors over the past 28-months, Colliers efforts resulted in generating total sale proceeds in excess of $80-million”
“At the time of sale, the project was operating at approximately 90% occupancy with 25 tenants occupying 34 of the 36 units. Many of the tenants in this multi-tenant complex are engaged in businesses that support and fulfill the needs of a variety of operations taking place within the Ports of Long Beach and Los Angeles terminal operations.” said Hardy.
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Jennifer Hsieh
Regional Marketing Manager
+1 949 724 5545
