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Colliers Negotiates $24.7 Million Sale of Single-Tenant Net Lease Industrial Portfolio


Private Firm Sells Prized Seven-Property Industrial Portfolio in Southwest Markets

SAN FRANCISCO (May 11, 2020) – Leading global commercial real estate services and investment advisory firm, Colliers recently negotiated the sale of seven single-tenant industrial properties on behalf of privately owned investment firm, Lowenberg Corporation. The portfolio sold for $24.765 million and closed escrow on March 26, 2020.

"There was very strong interest in this portfolio from a diverse group of investors driven by the infill locations, below market rent and low coverage profile of each site," said Executive Managing Director of Industrial Capital Markets for the Western United States, Michael Kendall.

The multi-state industrial portfolio purchased by global asset management company Brookfield Property Group is comprised of seven properties located in prized infill locations, all in top U.S. metropolitan areas; Anaheim, San Diego, Denver, Phoenix, Las Vegas, Sacramento and Austin. Cumulatively, the properties are situtated on 13.22 total acres of land and occupy approximately 80,069 square-feet. Addresses and square footage for each property can be found below:

  • 5775 Eastgate Drive, San Diego, California - 6,400 square-feet
  • 8416 Specialty Circle, Sacramento, California - 7,500 square-feet
  • 4755 W. University Avenue, Las Vegas, Nevada - 9,900 square-feet
  • 3801 E. Wood Street, Phoenix, Arizona - 12,877 square-feet
  • 1385 Umatilla Street, Denver, Colorado - 14,830 square-feet
  • 4201 Felter Lane, Austin, Texas - 8,000 square-feet
  • 1801 Penhall Way, Anaheim, California - 20,562 square-feet
All seven properties are currently operated as equipment yards with small industrial buildings on-site, and fully leased to Penhall Corporation, the largest provider of concrete services in the United States. Several million dollars of mission-critical equipment are currently kept at each of the seven locations.
Colliers’ Michael Kendall, Greig Lagomarsino and Gian Bruno represented the seller in the transaction. The buyer was self-represented.

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at, Twitter @Colliers or LinkedIn.

Media Contact:
Mike Jurs
Allison + Partners Northern California


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Michael Kendall

Vice Chair

Los Angeles - Orange County

After nearly three decades in the industry, Michael Kendall has experience in every aspect of commercial real estate, including brokerage, development, acquisitions, entitlements, asset management and construction. As Western Region Executive Managing Director of Investment Services for Colliers International, Michael and his team specialize in representing institutional owners as well as high-net-worth individuals, local entrepreneurs and private equity funds in the sale of industrial investments, including land.

Having sat on the ownership side of transactions for so many years, Michael has a unique perspective relative to the needs and expectations of investors in today’s dynamic market. He is skilled at negotiating complex transactions and is well respected for his integrity and tenacity.

Since 2015, Michael and his west coast team have closed more than $7.1 billion in individual property sales, totaling more than 62 million square feet. When portfolio sales are included, the totals increase to $12.7 billion and 125 million square feet.

Prior to joining Colliers, Michael was a Senior Vice President at CBRE Group and a member of the firm’s National Partners Industrial Platform. Previously, Michael was Vice President of Development and Director of Acquisitions at Turner Development/Turner Real Estate Investments. Before that, Michael was an Orange County Regional Partner for Koll Development Co.

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Greig Lagomarsino

Executive Vice President


As Executive Vice President in Colliers’ Oakland office, my brokerage practice specializes in the sales and leasing of industrial products along the I-880 & I-80 corridors as well as the Central Valley, primarily at the institutional and corporate level.

Having worked in the industrial sector for 30 years, I have been involved in more than $6 billion in real estate transactions, and I believe the breadth of my experience serves my clients in valuable ways.  I work diligently to bring a level of excellence and responsiveness to every aspect of my brokerage service.   I deeply value the long-standing client relationships I have developed over the years in the business, and get great satisfaction from being included as a valuable contributor to their team.

This is a dynamic and interesting time for Bay Area industrial real estate.  The emerging e-commerce industry and the level of demand for space has transformed the landscape of the business.  As the Oakland Industrial Team leader, I often collaborate with many exceptional colleagues here in Northern California as well as in other national organizations such as The Society of Industrial and Office Realtors (SIOR) and our National Logistics and Transportation Group.

Prior to joining Colliers in 1998, I worked at Cushman and Wakefield in Oakland.  In my free time, I enjoy golf, travel, yoga, swimming, and spending time with family and friends.  I am happy to support a number of important non-profit organizations including Aim High, Northern Lights School, U.C. Berkeley, and The First Tee of the East Bay.


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Gian Bruno

Senior Vice President

Los Angeles - Orange County

As Director of Western Region Investment Services for Colliers International, Gian specializes in the representation of institutional clients in the acquisition and disposition of industrial properties throughout the Western United States. Gian leads the team’s underwriting and financial analysis from the initial Opinion of Value through the Close of Escrow. Gian is also responsible for investor interfacing and marketing strategy execution of all properties marketed by Colliers’ Institutional Investment Services Group.

In addition to working as a financial analyst in capital markets brokerage, Gian has worked on the ownership side of transactions for several years. This well-rounded experience gives him insight into the requirements and thought process of investors in today’s market.

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