LOS ANGELES, CA (Oct. 12, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its Financial Services Asset Management Group represented Chinatrust Bank USA in the sale of The Flat, (top right photo) a 206-unit REO apartment conversion that the bank took ownership of in September.
The property was sold to SA Properties Holding LLC in an all-cash transaction. Financial consideration was not disclosed.
The Flat is located at 750 S. Garland Ave., and was 93 percent occupied at the time of the sale. Although the sale price was not disclosed, the property was listed at $27 million, making it one of the city’s largest real-estate-owned investment sales transactions in 2009.
Senior Vice Presidents Phillip Sample and Chris Cooney were the lead brokers. Chris Caras, senior vice president, Sandi Mann, senior associate, Mike Shustak, senior vice president, and Ed Rosenthal, vice president, assisted Sample and Cooney in the representation of Chinatrust Bank..
“Navigating the foreclosure, bankruptcy and subsequent sale of the asset was extremely complicated,” said Sample. “Adding to the complexities of the transactions was our client’s goal to close the transaction prior to the end of the third quarter. Certainly, having a buyer with the ability to quickly close all-cash on this complex asset was key to our success.”
Sonya Moreno, managing partner of SA Properties Holdings, represented SA Properties Holding LLC in the transaction.
Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com
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