CORFAC News

07 Jan2013

Voit Directs $28.4 Million Industrial Aquisition for Furniture Manufacturer in Pomona

INLAND EMPIRE, CA. (January 7, 2013) – Voit Real Estate ServicesInternational 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. 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/CORFAC International 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. “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.

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.

About Voit Real Estate ServicesVoit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients' needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.

Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.

About CORFAC International
CORFAC International (Corporate Facility Advisors) is distinguished by the way it manages multi-market commercial real estate assignments on behalf of corporate entities and privately owned companies. Founded in 1989, U.S.-based CORFAC is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services in North America, with coverage in South America provided by Panama-based Latin American Corporate Property Services. A Principal Member of FIABCI – the International Real Estate Federation with global affiliates in Europe and Asia, CORFAC International offers commercial real estate services with market reach in 65 countries worldwide. In recent years, CORFAC firms have averaged 10,000 completed transactions annually encompassing nearly 100 million square feet and valued at more than $6 billion. For more information on CORFAC, contact 703.532.6160 or visit www.corfac.com.

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Patricia True Agos
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