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16 Jan2009

Two CORFAC Firms -- The Andover Company and TRI Commercial Sell SeaTac IHOP to 1031 Exchange Investor

January 16, 2009—Seattle, WA. – Principal Jeff Crane of The Andover Company/CORFAC International announced that he and Robert (Bob) King, CCIM, of TRI Commercial/CORFAC International co-represented WB Equities in the sale of a Seattle-area International House of Pancakes (IHOP) property. Andover is based in Seattle, while Bob King works in the Roseville, CA office of TRI Commercial. David Brigantino of San Benito Realty represented the buyer,

the M. Gibson Family Trust.

This 4,022-square-foot NNN property, located at 20402 International Blvd. in SeaTac WA, sold for $3.2 million at a 6.6 percent capitalization rate. It is leased by the publicly-traded restaurant chain IHOP Corporation. (NYSE: “IHP”) There are 19 years remaining on the restaurant’s lease.

Jeff Crane and Bob King currently have another IHOP location available in Federal Way, WA listed at $3.3 million. King also is managing the sale of an IHOP in West Valley City, Utah, listed at $2.45 million. In April 2008, King represented WB Equities in the sale of an IHOP in Sacramento for more than $3 million, at a 5.27 percent capitalization rate.

About The Andover Company/CORFAC International: The Andover Company provides professional real estate services locally with special emphasis on the Kent Valley industrial market and South King County office market. Nationally, Andover conducts business through CORFAC International. Established in 1978, the firm supports client requirements in tenant and landlord representation, investment sales, built-to-suit analysis, and site selection and acquisition. Individual brokers at Andover are active in SIOR and CCIM professional organizations and work collaboratively to serve client initiatives. Andover principals and staff are active in the community and dedicated to helping people in the Puget Sound area.

About TRI Commercial/CORFAC International: In 1977, TRI Commercial established itself as a full service real estate firm with an innovative spirit and an uncompromising dedication to serving client’s needs. The company manages office leasing and sales, represents tenants, markets industrial and retail properties for lease or sale, sells apartment communities and has a property management entity as well as a division that specializes in the sale of outdoor and recreational properties. TRI offices are in San Francisco, Oakland, Roseville, Rocklin and Walnut Creek with direct access to major commercial markets in the U.S. and internationally through CORFAC International.

About CORFAC International: CORFAC International is one of the largest commercial real estate services organizations in the world and celebrates its 20th year in 2009.  Headquartered in Hollywood, Florida, CORFAC is comprised of privately held entrepreneurial firms serving more than 150 markets in The Americas and internationally through alliances with UK-based King Sturge and Panama-based Latin American Corporate Property Services. In recent years, CORFAC firms completed over 9,000 commercial real estate transactions annually, encompassing more than 300 million square feet and valued each year in excess of $30 billion. 



Patricia True Agos

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