Saturday, May 19, 2012

Colliers International Completes $2.1 Million Sale of a U.S. Post Office Property in Inglewood, CA



Los Angeles, CA, May 19, 2012 – Colliers International, the third largest global real estate services organization, has completed the $2.1 million sale of a 12,221-square-foot U.S. Post Office facility (top left photo) located at 811 N. La Brea in Inglewood, Calif.

 William Gloege (middle right photo) of Colliers International represented the seller, Arlington, MA-based IIse Perlman Trust. Julian Torkan of Madison Capital Group represented the buyer, Beverly Hills-based EFPAR Development, LLC.

The property had been identified on the possible closure list for the United States Postal Service. Due to the impending possible closure, the seller wanted to realize the best possible value for potential redevelopment or reuse before the expiration of the current lease.

In addition, the seller was able to realize the existing stream of income of the Government-backed lease.  This closed transaction accomplished the owner’s goal.

“Colliers was engaged to determine value the building on current income, future redevelopment, and re-lease potential. Once completed, it enabled us to create an attractive offering that would garner the highest price for the property,” said Gloege.

 “In the process of valuing the building and bringing it to market, I was able to generate multiple competing offers above the original asking price with short due diligence periods.  This transaction required a 30-day marketing period, 60-day escrow and a successful all cash closing.” 

 Gloege added that the new owner plans to rehab the building for a new retail use, maximizing the potential of the property.

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