COMMERCE, CA. (May 30, 2012) – David Fults (middle right photo) and Brian McLoughlin (middle left photo) of Voit Real Estate Services’ Greater Los Angeles office have successfully completed the new, seven-year, $1.6 million lease of a 47,500 square-foot industrial warehouse at 6655 East 26th Street in Commerce, CA on behalf of the lessee.
This free-standing industrial facility will be fully occupied by Insul-Therm International, Inc., a company that manufactures and distributes insulation products for the industrial and commercial insulation markets, according David Fults, a Senior Vice President in Voit’s Greater Los Angeles office.
Fults worked with Brian McLoughlin, also a Senior Vice President at Voit, to represent Insul-Therm International as the lessee. Insul-Therm is expanding its business with this new lease - the company is relocating from a 30,000 square-foot building also in Commerce.
“This is a rare expansion for a manufacturing company in California. The market for Class B industrial buildings continues to struggle because of the shrinking manufacturing sector,” said Fults. ”Our team was able to identify this property, which exceeded the needs of our customer, while leveraging the soft leasing market to negotiate a very low lease rate. We cut Insul-Therm’s rent by 40 percent on a per-square-foot basis.”
According to Fults, the Voit team also negotiated attractive move-in terms for its client, enabling Insul-Therm International to cut significant expenses during the initial set-up of its manufacturing operation.
The lessor, the Los Angeles Board of Adjusters, was represented by Jeff Sanita, John McMillian and Tim Wallace of Cushman & Wakefield.
Contact:
Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940
JQuader@browermillercole.com
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