Tuesday, September 15, 2020

Lee & Associates Newport Beach Brokers $10 Million Sale of a 48,234-SF Free-standing Industrial Building in Fullerton, CA

Jim deRegt
  
FULLERTON, CA –  Lee & Associates, a nationwide leader in commercial real estate services, announces the sale of a 48,234-square-foot freestanding industrial building located at 1456 Manhattan Avenue in Fullerton, CA for $10,011,111, or $207.55 per square foot.  

Jim deRegt of Lee & Associates Newport Beach represented the Seller, Kanaasardas, LLC and Byron Foss of JLL represented the Buyer, Salher, LLC.


Byron Foss
The Buyer acquired the property to complete a 1031 tax-deferred exchange and expand its business’s manufacturing capacity. 

Contact: 

Jamie Penman
Lee & Associates
(949) 724-4736
jpenman@lee-associates.com

Lee & Associates Negotiates $4.9 Million Sale of Murrieta, CA Multi-Tenant Industrial Buildings


Two multi-tenant industrial buildings, totaling 39,976 SF  at 29980 Sky Canyon Drive and 29990 Technology Drive in Murrieta, CA. 

Matt Shaw
MURRIETA, CA –  Lee & Associates, a leader throughout North America in commercial real estate services, has closed a $4.9 Million sale transaction on two multi-tenant industrial buildings, totaling 39,976 SF, located at 29980 Sky Canyon Drive and 29990 Technology Drive in Murrieta, CA. 
Matt Shaw and Blake Valdez of the Lee & Associates Temecula Valley office represented the seller, Magnolia Industrial Park, LLC. 

The buyer, Dunbar Investments, LLC, was represented by Charley Black and Gordon Mize also of the Lee & Associates Temecula Valley office. 


 Blake Valdez
“This transaction represented a rare opportunity for Dunbar to acquire a quality, well-located industrial park in a desirable market”, said Black.
The Lee & Associates team of Shaw, Valdez, and Sam Robles were awarded the leasing assignment on this property in June 2020 when the property was at a 23% vacancy.
During escrow, the Leasing Team was able to stabilize the asset and bring the vacancy rate down to almost 6% by the close of escrow. 


Charley Black

ABOUT LEE & ASSOCIATES

Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services.
Established in 1979, Lee & Associates is now an international firm with offices throughout North America.
Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information.

Gordon Mize
For the latest news from Lee & Associates, visit lee-associates.com 
or follow us on FacebookLinkedInTwitter and Link, our company blog.

CONTACT:

Caroline Payan
Lee & Associates
(951) 276-3617
cpayan@lee-associates.com

KBS Names Gio Cordoves as Regional President of the Western Region; Youngest Executive to Hold This Position in the Company’s History

Giovanni (Gio) Cordoves


Newport Beach, CA, Sept. 15, 2020 – KBS, one of the largest investors in premier commercial real estate in the nation, has promoted Giovanni (Gio) Cordoves from senior vice president and co-director of asset management to Regional President of the Western United States.

At age 38, Cordoves is the youngest executive at the firm to hold the position of regional president since the company’s inception in 1992, according to Chuck Schreiber, CEO of KBS.  

“Promoting Gio to Regional President of the Western Region is a strategic move that aligns with our firm’s philosophy of developing a strong team of leaders that are well prepared to take on leadership roles at any age,” says Schreiber.

 “As a young executive, Gio relates well to the millennials who occupy our properties and is ideally prepared to serve our growing tenant roster. His promotion is the natural evolution of our firm’s operating strategy.”  

Charles (Chuck) Schreiber
In his new capacity, Cordoves will oversee asset management, leasing, acquisition and disposition activities on behalf of KBS REIT, pension fund, and sovereign wealth-fund clients within the Western Region.  

“Gio possesses a strong work ethic, quick decision-making ability, and keen intellect, which have enabled him to succeed in a demanding role at a relatively young age,” notes Schreiber.

“His calm and reassuring demeanor while leading his team and meeting challenges have earned him the widespread respect of his colleagues.

"In addition, his sharp real estate acumen, remarkable problem-solving ability, and unrelenting drive to keep KBS at the top of the CRE industry sets him apart.”  
  
CONTACT:

Micaela Fehrenbach
 mfehrenbach@brower-group.com


Marcus & Millichap Aquires CBRE Multi-Housing Investment Team


Benjamin N. Skinner

Orlando, FL, Sept.15, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today that a veteran real estate team focused on multi-housing property investments has joined the firm in Orlando. 


They  are Benjamin Skinner and Matthew Prozzillo, former associates with CBRE.   
  
“Ben and Matt add significant advantages for our apartment clients in the region.  With this acquisition, we continue to build upon our strategic growth in central Florida,” said Justin West, vice president and regional manager of the firm’s Orlando office.

 “The depth of knowledge and experience with multi-housing real estate that Skinner and Prozzillo bring to our Orlando office is of tremendous value to investors throughout Central Florida.”  

Matthew W. Prozzillo
“We are excited for the opportunity to join an exclusive platform, such as the one that Marcus & Millichap offers. 

"With strong market conditions prevailing during these unprecedented times, Marcus & Millichap’s platform will allow for us to assist owners and investors in the most extensive, data-driven, advisory approach, ensuring optimal outcomes for all parties,” according to Skinner and Prozzillo. 
   
Skinner and Prozzillo 
exclusively represent buyers and sellers of student housing properties throughout the Southeast, multifamily properties throughout North/Central Florida, and investment properties throughout the Gulf Coast of Florida markets. They have worked on multifamily, student housing, historic, and institutional mixed-use real estate valued at over $4 billion. 

CONTACTS:

 Justin West
 Vice President/Regional Manager  
407-557-3800 


Daniella Aragon
Marketing Coordinator/Certified Agent Support Specialist
Marcus & Millichap
5201 Blue Lagoon Drive
Suite 100
Miami, FL 33126
(786) 522-7122 direct
(786) 522-7000 main
(786) 454-0094 mobile
(786) 522-7010
daniella.aragon@marcusmillichap.com