Circuit City Purchases Leased MetLife Portfolio — CB Richard Ellis Packages Retail Sale Transaction Valued at $60.5 Million

CB Richard Ellis Retail Services, a division of CB Richard Ellis, Inc., announced today that Circuit City of Richmond, VA, has purchased a retail leased portfolio, consisting of eight properties totaling 425,000 square feet. Five of the properties are located in northern California; two are in southern California and one in Columbia, South Carolina.

The value of the transaction was approximately $60.5 million. Richard Rizika, Sterling Champ and Charles McCabe of CB Richard Ellis represented the seller, MetLife Insurance Company of New York, NY.

According to Senior Vice President, Richard Rizika of CB Richard Ellis Retail Services, MetLife offered the assets for sale individually and as a portfolio. The properties are all leased to Circuit City. Circuit City had vacated three of the properties, which have the potential to be re-leased or redeveloped. Following a detailed marketing effort, Circuit City executed its First Right of Refusal to purchase the portfolio.

Circuit City Stores, Inc. is a national retailer of brand-name consumer electronics, personal computers and entertainment software. The company's main business, Circuit City Group, is the second largest electronics retailer in the U.S.

The company is revamping its superstores and is no longer selling appliances, favoring more popular items such as home office products. Circuit City operates 599 stores throughout the U.S., which are primarily superstores (known for their broad selections and competitive pricing) that sell audio and video equipment, as well as PCs. The company also operates five Circuit City Express mall-based outlets.

MetLife Real Estate Investments maintains a portfolio of approximately $30 billion invested in real estate products including equities and commercial mortgages. MetLife Real Estate Investments has offices in key cities throughout the United States, as well as London, Toronto and Mexico, keeping us close to our markets and better positioned to serve your commercial real estate needs for mortgages, leasing, sales, acquisitions and capital transactions.

For additional information, contact Sterling Champ (818) 502-6769 or Richard Rizika (310) 516-2338.


About CB Richard Ellis

Headquartered in Los Angeles, CB Richard Ellis is the world's leading commercial real estate services firm. With approximately 14,000 employees, the company serves real estate owners, investors and occupiers through more than 250 offices worldwide. The company's core services include property sales, leasing and management; corporate services; facilities and project management; mortgage banking; investment management; capital markets; appraisal and valuation; research; and consulting. For more information, visit the company's Web site at www.cbre.com.