Colliers International Completes Six-Property Portfolio Sale in Tennessee
January 20, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed six unit Burger King portfolio sale in Tennessee. The stores are located in Knoxville (2), Newport, Maryville, Greenville and Clinton, Tennessee comprising of 21,059 total rentable square-feet. The total transaction is valued at $6,800,000.
Shawn Bakke, Senior Vice President based in Colliers International’s Downtown Los Angeles office, represented the Seller, a multi-unit Burger King franchisee. The Buyer was a private Real Estate Investment Trust. The REIT was designed to address the long term capital needs of real estate intensive businesses throughout the United States by providing liquidity to illiquid assets.
“ This multi-property transaction faced multiple hurdles, one of which was solved by selling the properties as a portfolio with a master lease to satisfy the buyer and the lender,” said Bakke. “As a result of the Sale Leaseback the operator was able to eliminate debt, improve the Balance Sheet, and significantly reduce their occupancy cost.”
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
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Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
angela.hwang (at) colliers (dot) com
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com Antabuse
