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| Eugene Rutenberg |
LOS ANGELES, CA (Aug. 12,
2016) – Commercial real estate investment banking firm Continental Funding
Group has successfully secured $8.23 million in financing for three Class-A
industrial assets totaling 105,000 square feet in the greater Los Angeles area
on behalf of two separate sponsors.
The financing for both of
these transactions was arranged by Continental Funding Group Director Eugene Rutenberg.
“Industrial is one the
hottest asset classes in the greater Los Angeles area,” explains Rutenberg,
Director of Continental Funding Group.
“As demand for premium
industrial space continues to surge throughout the Los Angeles region, vacancy
rates have reached a record low of approximately 2.3 percent. The limited
supply of industrial product, coupled with enormous demand from distribution
and manufacturing tenants, is driving rental rates, resulting in increased
lending activity for this property type.”
According to a 2016
Mid-Year CoStar report, the average rental rate for industrial space in the
greater Los Angeles region was $9.45 per square-foot by the end of the second
quarter, indicating a 3.1 percent increase from the first quarter of this year.
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| Valencia, CA Industrial Property |
Rutenberg notes, “Based on
these strong economic indicators, our strategy was to secure exceedingly
aggressive terms on behalf of our sponsors to capitalize on the growth of this
robust and dynamic industrial market.”
For a complete copy of the company’s news release,
please contact:
Katie Kea / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940
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