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Parsippany, NJ (May 20, 2006) — Coldwell Banker Commercial Affiliates, Inc., one of the leading franchisers of commercial real estate brokerage firms, has announced the following affiliate transactions:

Arizona

Steven Schnitzer of Coldwell Banker Commercial NRT in Phoenix represented Northview Holdings, LLC, in its sale of a 45,000 square foot office located at 15600 North Black Canyon Highway in Phoenix. Spire Office Group, LLP, purchased the building for $7,150,000. Rey Castillo of EBS & Associates handled the deal for Spire.

California

Brennan O’Donnell of Coldwell Banker Commercial REAG in Signal Hill represented Popeney, Clark, Kennedy, which purchased 1,035,000 square feet of land on Holly Road and 295 Highway in Adelanto. John Diponio, who represented himself, sold the land for $3M. The buyers plan to build a small neighborhood retail mall, small grocery store, convenience store and possibly a gas station. The industrial area will be a sell storage facility.

Florida

Coldwell Banker Commercial NRT, Fort Myers, Fl:

David Pegg and Adam Palmer represented W. R. Boehm in the sale of an 11, 492 square foot office and warehouse on 45,302 square feet of land on 12651 Metro Parkway in Fort Myers. Metro Building, LLC, sold the property for $1.45M; the seller was represented by Chase Mayhugh of Mayhugh Realty. “This transaction will prove to be a valuable comparable to brokers and appraisers alike,” said Pegg and Palmer. “Years had gone by without a suitable purchase to reference,” Pegg added. “Without a significant number of steel building/industrial comps within the Metro Parkway corridor, there was some price setting required, a challenge welcomed and succeeded by me and David,” said Palmer.
Adam Palmer represented the sellers of 8 individual strapped (individually numbered) duplexes located at 12939-13911 First Street in Fort Myers. Phil and Judy Griffin sold the multifamily complex, where each unit features two bedrooms and two baths, for $1.68M to Kenley and Sara Raney. Judy Marino of Austin and Associates handled the transaction for the buyers. Commented Palmer, “there has been a lot of listing activity of multi-family properties in the Fort Myers Shores area, most in part to the indirect interest surrounding the Verandah development. This purchase should trigger an influx of other closings along First Street and Old Olga Road.”

Coldwell Banker Commercial NRT in Pompano Beach represented the buyer of a Pompano warehouse complex built in 1983 that is located at 1700-1710-1720 NE 22 Ave. The property consists of three single-story twin tee roof warehouses measuring 51,000 square feet, on a lot size of 119,000 square feet. The buildings have 18 feet ceilings, 38 grade level bays, each with rollup and man door, as well as restrooms. The property is paved and fenced, with ample parking, zoned for industrial, and located in the heart of the Pompano Beach industrial complex. It’s also 100% fully leased with under market rents. The selling price was $4.65M/$91 psf. Sandy Maclean of CBC NRT represented EIRE Companies and Assigns, which purchased the property from the Robert and Ruth Naegele Trust; the seller was represented by Jerry Rundle of Cardinal International Inc.

Illinois

Steve Johnson and Rusty Erickson of Coldwell Banker Commercial Midwest Realty in Rochelle represented the buyer during a land transaction in Annawan. Terry Hartmann purchased a 119 acre hog farm with 1450 head farrowing facility and 2400 head finishing facility from Geneseo Pork, the seller. The farm was sold for $2,54,360, and is located on North County and East County Road in Annawan. Dave Dodger represented the seller in the transaction.

Missouri

Coldwell Banker Commercial CRA LLC in St. Louis:

Carl Conceller, SIOR and Bert Solomon represented the sellers, Flora E. Sontag, Trustee, L. Dieckmann, N. Messer and D. Messer, in their sale of a 95 acre development site, the first property in the western end of Chesterfield Valley to be rezoned. The development was purchased by Agricola Associates for $5,147,261. The buyer, represented by Bill Matula of Westbrook Real Estate, plans to build a lifestyle retail center on the property. The city re-zoned the property for 440,000 square feet of space in 25 buildings. “The sale of this property established a new pricing standard, and will contribute to the continued development in this area,” said Carl Conceller. “The property is undeveloped farmland in Chesterfield Valley, 40 acres is in flood plain and 55 acres was rezoned in a Planned Development and protected by a 500-year levee.”
Michael J. Wolken, SIOR and Vicki Dolan, SIOR represented Emerald 1 LLC, which leased a 9,835 square foot office building from Engineering Design Source, Inc. Wolken also handled the lease for the lessee. The property, located at 16141 Swingley Ridge Road in St. Louis, was leased for 10 years at a value of $2,011,257.

Nevada

Coldwell Banker Commercial ETN Real Estate Services, Las Vegas:

Brian Cohne handled a hospitality transaction that includes a hotel/motel/casino/RV park and gas station in Indian Springs. The 17 acre establishment was sold for $7M by Darlish Associates Limited Partnership, who was represented by Cohne. Indian Springs Holdings LLC bought the establishment; they were represented by Ron Garcia of ASF Realty. The property is located at 372 Tonopah Highway in Indian Springs.
Larry Singer and Mike Tabeek represented the Clark County Health District in its purchase of a 23,200 square foot industrial property in Las Vegas. Coast Center LLC/MDL Group sold the property, located at 520 E. Lake Mead Drive, for $5,806,951. Mark Kincaid of Coast Center LLC represented the sellers.

North Carolina

Coldwell Banker Commercial TradeMark Properties in Raleigh:

Brian Farmer and Herb Cunningham handled the buyer and seller, respectively, of a 30,000 square foot industrial property located at 3925 Tarheel Drive in Raleigh. Daniel B. Shepherd purchased the property for $1.75M from Tarheel Drive Associates, LLC; Shepherd was represented by Farmer, while Cunningham represented Tarheel Drive Associates. While the property was originally a lease listing, Cunningham and Farmer recognized a fit with Shepherd Electric Company, and approached them about the property. Shepherd quickly determined that they wanted to relocate their corporate offices to the property as well, and that meant significant investment to upgrade the office space. The two brokers approached the landlord to inquire about the possibility of a lease with option for purchase to aid the tenant’s decision regarding dollar investment. They were successful, a price was negotiated, and within 12 months, the tenant exercised their option and closed on the purchase within 45 days.
Jorge Perdomo and Herb Cunningham represented the buyer and seller, respectively, of Veteran’s Park Commons, a 213 unit apartment complex in Wilmington, NC. Listing agent Cunningham represented the longtime client, spending nearly 3 years to bring the property to market. J & E/Veterans Park, Inc., et.al. sold the complex to Bayview Financial Exchange Service, LLC, for $14.3M. The complex is three years old.

Colleen Synder of Coldwell Banker Commercial Kasey & Associates in Asheville represented the buyers in their purchase of two office condos divided into four tenant spaces. Kokopelli Management Inc. sold the 7,590 square foot property to Patrick Ryan/Priority Properties LLC for $1.3M. The property is located at 2 Walden Ridge in Asheville. Nathan Best of Pulliam Properties, Inc, represented Kokopelli Management.