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COLDWELL BANKER COMMERCIAL-ALMAR REAL ESTATE GROUP CLOSES ON THE $13.4 MILLION SALE OF LOKER CORPORATE CENTER

SAN DIEGO, Calif. – Coldwell Banker Commercial-Almar Real Estate Group has facilitated the sale of Loker Corporate Center, located at 2777 Loker Avenue West in Carlsbad, for a total consideration of $13.4 million.

The buyer, Whiteflag LLC, an apparel and footwear distributor, is planning to occupy half of the 123,454 sq. ft. building as its corporate headquarters and lease out the remaining space.  The seller, Loker Investment Partners, LP, is a California general partnership managed by Marty Smith, CEO of Southern California Investors (SCI), a privately held real estate investment and development company. SCI purchased the property in October 2004 through Coldwell Banker Commercial-Almar Real Estate Group, after the building had been vacant for more than a year, and completed over $1 million of building renovations in 2005.  

Formerly affiliated with Coldwell Banker Commercial, Marty Smith partnered with Bob Erdtsieck in 1998 to form a company that has evolved into SCI. The company has over 21 properties in its portfolio and specializes in permitting and entitlements, site planning, development and construction for total project control. Smith retired in 2004 from a 15-year career in brokerage sales and leasing to pursue full time efforts in the investment and development of industrial and office properties in Riverside and San Diego Counties.

Adam Molnar and Joe Crotty from Coldwell Banker Commercial-North County Properties represented both the buyer and seller in this transaction and will be handling the leasing of the 40,000 sq. ft. of remaining space.

About Coldwell Banker Commercial-Almar Real Estate Group:
Ranked in the top ten commercial real estate companies in San Diego County, Almar was recognized as the number one single market affiliate internationally, number one in the western region and number one in California within the Coldwell Banker Commercial franchise structure.

Coldwell Banker Commercial Almar Real Estate Group was founded in 1999 by Alan Scott, CCIM, R. Marty Smith, SIOR and Allen Nunez. The company is based in Carlsbad and consists of the following sales offices:

• North County Properties, Carlsbad (760) 602-4800
• Towne Centre, La Jolla (858) 200-8888
• Temecula, South Riverside (951) 296-9800

Source: Heather Cook, (11-1-05)