Monday, January 7, 2013

Voit Directs $28.4 Million Industrial Acquisition for Furniture Manufacturer in Pomona, CA

 
Industrial site, 1388 W. Holt Ave. Pomona, CA
 INLAND EMPIRE, CA (Jan. 7, 2013) – Voit Real Estate Services has successfully directed the $28.4 million acquisition of a 355,162 square-foot distribution center in Pomona, Calif. on behalf of both the buyer and seller.

The buyer, CMC Dragon, LP, a furniture manufacturer and importer, is relocating from Fontana, Calif. and plans to use the property as its West Coast distribution center, according to Brian McLoughlin, a Senior Vice President in Voit’s Greater Los Angeles office.


Brian McLoughlin
McLoughlin and David Fults, also of Voit’s Greater Los Angeles office, represented CMC Dragon, LP as the buyer in the transaction.

Frank Geraci, Walt Chenoweth, Juan Gutierrez, and Patrick Wood of Voit’s Inland Empire office represented CH Realty III as the seller in the transaction.

“Demand for large industrial product in the Inland Empire continues to climb, and the fact is that available product for sale in this size range is now scarce,” explained Geraci, an Executive Vice President at Voit.

David Fults
 “In order to identify a property within the geographic boundaries of the San Gabriel Valley with enough space to meet the distribution needs of the buyer, we drew upon our strong relationship with the seller to locate an off-market opportunity.”

Geraci notes that this is the fourth asset the Voit team has successfully marketed for the owner this year and the second disposition of a significant industrial asset by Voit’s Inland Empire and Greater Los Angeles offices in 2012.  Voit’s Asset Services Group was also responsible for maintaining the assets, which totaled over one million square feet, during and after lease-up.

Walt Chenoweth
The buyer, CMC Dragon, LP, will occupy 80 percent of the building for its operations, and will lease the remaining 20 percent to Nina Footwear, a New York-based shoe company which is an existing tenant in the building.

The property is located at 1388 W. Holt Avenue in Pomona, Calif.

Contact:

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

1 comment:

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