CBREs Philip D. Voorhees and NRIG-West Team Complete Maywood Convenience Strip Center Sale - WDAM - TV 7 - News, Weather and Sports

CBREs Philip D. Voorhees and NRIG-West Team Complete Maywood Convenience Strip Center Sale

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Maywood Village Square Sells for $11.53 Million

MAYWOOD, CALIF. – CBRE Senior Vice President Philip D. Voorhees announced today that he, Jimmy Slusher and the National Retail Investment Group – West (NRIG-West) team, along with CBRE’s Managing Director, Richard Rizika, completed the sale of Maywood Village Square, a 48,324-square-foot convenience strip center. The property, located at 4401-4487 Slauson Avenue in the city of Maywood, Calif., is anchored by O’Reilly Auto Parts, Subway, US Bank, Yoshinoya, Western Dental Services and a new Fitness 19 health club, which will occupy nearly 9,000 square feet of the property. The sale price was $11.53 million. The property was approximately 94% occupied at the time of sale.

CBRE’s retail investment experts Voorhees, Slusher, Megan Read, Brad Rable, Matt Burson, and John Read, represented the seller, a partnership led by Santa Monica, Calif.-based Watt Companies. The buyer, also represented by the NRIG-West team, was a high net worth Los Angeles-based private investor focused on acquiring infill retail assets in densely populated Los Angeles County.

Developed in 1991 by the Watt Companies, Maywood Village Square is a wholly-owned 3.73-acre site with excellent exposure and access from Slauson Avenue. The retail center was encumbered by a non-recourse CMBS (Nomura Capital & Credit, Inc.) loan maturing in October 2013, which the buyer assumed. According to Voorhees, the in-place loan provided excellent principal reduction via its 25-year amortization schedule, while eliminating near term interest rate risk exposure with a maturity date in October of 2030.

“Maywood Village Square is the quintessential LA County ‘bread and butter’ strip center. It’s a hard corner location with owned pads and synergy from a nice mix of restaurant, retail and service tenants, which make the property a very dependable, long-term asset,” Voorhees said.

According to Slusher, “After the seller re-tenanted with Fitness 19, they recognized this was the prime time to capitalize on the recently stabilized income in a market where this type of for-sale retail product is so scarce.”

“The above market interest rate on the existing financing provided a higher cap rate, higher yield opportunity for the buyer, a conservative investor with a long-term investment horizon. For this investor, the fully-amortizing loan fit perfectly,” noted Voorhees.

“As with most CMBS loans, this assumption process took a number of months. Jimmy Slusher worked with the seller, buyer and the loan servicer to coordinate the assumption and provide capital reserves for the pending Fitness 19 tenant,” said Voorhees.

According to Voorhees, the CBRE team’s marketing system distributed more than 444 offering memoranda to investors and brokers, and through the team’s “managed bid” offer process, generated 17 offers to purchase the property. The purchase price mirrored CBRE’s pricing guidance to the ownership.

With this closing, CBRE’s NRIG-West team has closed 88 transactions since the start of 2012 for a total consideration of $1.9 billion. In total, the NRIG-West team has listed and sold more than $7.8 billion in retail transactions. Select NRIG-West Team California listings include South Hills Plaza in West Covina, Calif., listed for sale for $20,995,000; Commonwealth Square in Folsom, Calif., listed for sale for $20,095,000; and Garden Grove Festival Square in Garden Grove, Calif., offered for sale for $12,087,000. More information available at www.cbre.com/nrigwest

NRIG-West Team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The Team’s ability to collaborate across CBRE’s multi-discipline platform enhances the team’s role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRIG-West Team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the Team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: listings.nrigwest.com

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com

Media Contact
Company Name: CBRE
Contact Person: Philip D. Voorhees
Email: Send Email
Phone: 949.725.8521
Country: United States
Website: www.nrigwest.com

Source: www.abnewswire.com

ReleaseID: 13760