Coldwell Banker Commercial Closes $2,700,000 Deal
Industrial building in Cannabis Delivery zone sold
VICTORVILLE, Calif. — July 27, 2018 – Coldwell Banker Commercial (CBC), ranked by the High Desert Association of REALTORS as the number one High Desert commercial real estate firm in sales volume for eight consecutive years, today announced another significant transaction with the recent sale of an industrial property located at 9565 C Avenue in Hesperia.
CBC Vice President Bob Basen and Commercial Investment Specialist Jerrad Schendel have followed up their recent successful apartment sale by negotiating a $2.7M purchase and sale agreement for both the seller and buyer of a 33,960 square foot, fully-occupied industrial building. The 2.39-acre property, sited at the southwest corner of C Avenue and Smoke Tree, included 14 warehouse units, each with 16’ ceilings, 12’X12’ or 12’X14’ roll-up doors and outside fenced storage.
The buyer’s focus on the property was not specifically its location in Hesperia’s newly established medical cannabis delivery zone. “It was important to find a property that would be stable regardless of market conditions because the property is his retirement plan. The fact it was multi-tenant and on a great corner location made it desirable. The delivery zone was an added bonus,” said Schendel.
Basen added, “The buyer needed a seller who would cooperate with a tax-deferred 1031 exchange and had been unsuccessful in presenting several offers until contacting us. This property had below-market rents being paid by month-to-month tenants. This was a benefit to the buyer, so the sale went very quickly with an all-cash transaction and a quick close of less than 30 days.”
There is interest from cannabis delivery tenants waiting to occupy the space and the owner has started the process of undergoing a complete rehab of the building. “This is a very niche market. Since the purchase, leasing the building to cannabis tenants has gone smoothly,” said Schendel. “We handle the leasing agreements for this new client and also manage the property.”
“It comes as no surprise that the Basen-Schendel team has delivered another successful transaction,” said Coldwell Banker Commercial President Jason Lamoreaux. “Bob and Jerrad are exceedingly accessible to their clients, assisting them through the completion of each transaction and beyond.”
CBC specializes in many fields including multi-family, office, retail, industrial, land and capital markets. Their team of real estate professionals provide an array of services including lease transactions and sales to property management. To reach Bob Basen and Jerrad Schendel or any other member of Coldwell Banker Commercial regarding your real estate needs, please call (760) 684-8000 or visit our website at www.cbcdesert.com.
About Coldwell Banker Commercial Affiliates, Inc.
Coldwell Banker Commercial Affiliates is one of the leading franchisors of commercial real estate services through the Coldwell Banker Commercial® brand. Founded by Chris and Jason Lamoreaux, Coldwell Banker Commercial Real Estate Solutions is an independently owned and operated affiliate member of Coldwell Banker Commercial, a premier provider of real estate services and a leader in the commercial real estate industry. The Coldwell Banker Commercial network of brokers serves the needs of owners and occupiers in the leasing, acquisition, disposition, structured finance and management of all property types. The Coldwell Banker® network of commercial brokers can be found in over 500 offices in 41 countries. For additional information about Coldwell Banker Commercial Real Estate Solutions, contact the Victorville office at (760) 684-8000 or visit www.cbcdesert.com. CAL BRE #01857050
About Coldwell Banker®
Since 1906, the Coldwell Banker®organization has been a premier provider of full-service residential and today is the #1 dollar volume real estate firm in the nation. Coldwell Banker® is the oldest national real estate brand in the United States and today has a network of more than 82,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Locations YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Coldwell Banker is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.