NAI Capital Announces Sale of Centrepointe Plaza Shopping Center
Colton, CA, Tuesday, July 05, 2016– Senior Vice Presidents Mario Alvarez with NAI Capital and Jack Lee with JMYL, LP development represented the buyer Centrepointe - JMYL, LP on the acquisition of a 109,000 square foot shopping center in Colton, California. The sale price was $22 million. Financing for the project was provided by NorthStar Realty Finance in conjunction with Wilemon & Associates and JB Resources. The seller Centrepointe Plaza, LP based out of Chicago was represented by Jamie Harrison with Lee & Associates.
Centrepointe Plaza, located at 1040 S Mt Vernon Ave was purchased as a value add center that was originally constructed in 1992. It is centrally located in the Inland Empire along the 215 freeway in a major retail arterial area servicing both San Bernardino and Riverside County cities.
Alvarez said, “It was a collaborate effort amongst our peers and partners to successfully reposition and close this large of asset with several moving parts in less than 180 days…we are in acquisition mode and have the formula and partnership to deploy $150 Million within the next 18 months.” Alvarez added, “JMYLP, LP Development saw the opportunity in the shadow anchored Super Wal-Mart Center, anchored by Ross Dress for Less, 99 Cent Only, Carl’s Jr, Wendy’s, Denny’s, and El Pollo Loco among others; the vision was clear and the challenge was accepted. JMYL Development, NAI Capital, NNN Capital, and JB Resources played a large role in creating value during escrow to successfully complete the sale.”
About NAI Capital
NAI Capital Company is one of the Southern California’s leading full-service commercial real estate companies, providing a complete range of transaction, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
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