Sunday, November 4, 2012

Voit Deal Brings Expanding Garment Manufacturer to Montebello, CA




Montebello, CA Warehouse
Los Angeles, CA – Brian McLoughlin and David Fults of Voit Real Estate Services’ Central Los Angeles office have successfully directed the $3.8 million sale of a 34,980 square-foot industrial warehouse in Montebello, Calif., on behalf of the seller.

The buyer, JC Industries, a vertically integrated garment manufacturer providing private label services, will use this property to expand its Los Angeles-based operations, according to McLoughlin, a Senior Vice President in Voit’s Central Los Angeles office.

Brian McLoughlin
McLoughlin worked with David Fults, also a Senior Vice President at Voit, to represent real estate investor, Montebello Management, as the seller.

“The recovery is evident in the Greater Los Angeles area, and the buying market continues to become increasingly competitive,” said McLoughlin.

 “The Voit team originally found a buyer for the property who, after a long escrow, was unable to secure a loan to close the deal. This is not a rare case, as banks have tightened up their reins on loan approval.


David Fults
“We then went back to the market and found JC Industries, who was seeking a new facility for its expansion.  We were able to achieve a price of $109.20 per square-foot, which is within four percentage points of the peak values set in 2008 for buildings over 30,000 square feet.”

The buyer, JC Industries, was represented by John Repstad of Binswanger/Realty Advisory Group, Inc.

The property is located at 2122 Flotilla St. in Montebello, Calif.




Contact:

  Jenn Quader/Judith Brower
 Brower, Miller & Cole
 (949) 955-7940

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