LOS ANGELES, CA, Dec. 22, 2011 – Colliers International, the third largest global real estate services organization, has completed a portfolio of five CVS assets totaling 52,416 square feet and $11 million in transaction values.
Tom Lagos( top right photo) Director of Retail Services Group; Shawn Bakke (lower left photo), Senior Vice President; and El Warner, Associate Vice President, all based in Colliers’ Downtown Los Angeles office, represented the Seller, a private investor out of Ohio and the Buyer, Cole Real Estate Investments of Phoenix, AZ.
“In order to maximize value for the Seller we developed a strategy of segregating the properties into separate pools so that each pool would appeal to a separate buyer class,” said Lagos.
“We successfully negotiated a favorable payoff for each of the attached loans despite the contractual yield maintenance costs and this resulted in increased proceeds for the Seller,” added Warner.
“This is a high quality acquisition for Cole as each of the five CVS stores are well located within their respective trade areas and have a history of strong sales performance,” said Brian Garrigan, Director of Acquisitions at Cole Real Estate Investments.
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Angela S. Hwang
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Colliers International
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