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| 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.
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| 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.
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| 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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