COLDWELL BANKER COMMERCIAL ALMAR GROUP'S TOM OLSON RECOGNIZED AS TOP DEALMAKER

In a time when deal volumes are significantly slowing down, Tom Olson, senior vice president of CBC Almar Real Estate Group, proves that noteworthy transactions will always be en vogue, regardless of the real estate cycle.

Olson kicked his extensive investment experience into overdrive last year when he completed what has been considered one of California's most unique and challenging deals of recent times.  The real estate veteran took on the daunting task of arranging the sale of the leasehold of the Queen's Seaport Development.

Since successfully completing this complex transaction, Olson has received an abundance of industry-wide recognition and accolades.  Last year this deal-making professional was acknowledged by CCIM for having the Most Innovative Deal of the Year and by CRASD's for having the best Out of Market Transaction of the Year.

Olson's keen eye fro investment opportunities did not end there, however.  He has recently been featured as one of Commercial Property News' 2008 Hot Brokers, and the industry has once again shown its appreciation for Olson's contributions by nominating him as one of the California Real Estate Journal's top California Dealmakers.

From the beginning, the Queen's Seaport Development leasehold, which included 43.38 acres of under utilized waterfront land for development, 32.31 acres of surface water area and the right to operate the Queen Mary Oceanliner, was riddles with risks and setbacks.  The leasehold was in bankruptcy, the deal contained an obligation to correct $10-million worth of deferred maintenance to the Queen Mary, no development entitlements existed and only 56 years remained on the 66-year lease.

To top this off, any investment entity wishing to bid on the Queen's Seaport Development at its bankruptcy auction had to be approved by the City of Long Beach, submit a non-contingent offer (accompanied by a minimum, non-refundable deposit of $1.2 million) and be financially vetted by an outside accounting firm.

Though he had his work cut out for him, Olson's business prowess paid off.  After meeting with key Long Beach officials and potential buyers, Olson created a plan of action.  He established a Web site that allowed potential buyers to complete upfront due diligence, marketed the property to a pool of qualified, world-class investors, and sourced a non-contingent stalking horse bidder at $40 million and an over-bidder, which ultimately bid $43 million at the live bankruptcy auction this past August.

The over-bidder, Save the Queen LLC of Newport Beach, closed escrow on the leasehold interest in November.  It plans to operate the famed Queen Mary on the site and redevelop its surrounding waterfront property.