08
Apr2014
Voit/CORFAC Facilitates Sale of 125,000 SF Asset and Exchanges Proceeds Into New 210,000 SF Warehouse
Contact:
Jessamyn Miller(949) 566-6422jjmiller@voitco.com
Orange County, CA (April 8, 2014) – Peter Castleton, Senior Vice President in Voit Real Estate Services/CORFAC International's Anaheim office, in partnership with Todd Clarke of Kidder Mathews, successfully directed the sale of a 125,000 square-foot asset in Garden Grove of which the proceeds were then exchanged into a new Class A, 210,000 square-foot distribution facility in Anaheim all on behalf of Regal Logistics.
Regal Logistics, a leading third party logistics provider specializing in high volume, mass retailer distribution, was looking to expand its warehouse footprint in the Southern California market requiring the sale of its existing warehouse in concurrence with the purchase of an expanded, new facility.
The initial warehouse, a Class A industrial building located at 12101 Western Ave. in Garden Grove was on the market 5 months when Karney Management Co. purchased it as an investment for $14,817,605.
Simultaneously, Castleton and Clarke were able to locate an ideal property for the expanded warehouse in a Class A distribution facility located at 2201 East Cerritos Avenue in Anaheim. Proceeds from the sale of the Garden Grove property were exchanged into the purchase of Regal’s new, expanded facility for a total consideration of $27,250,950.“This purchase by a leading logistics firm further illustrates the demand for quality assets in well located, infill areas,” according to Castleton.
At 210,000 square feet, Regal’s new facility is double the size of its previous warehouse and designed for high-volume, retail-compliant, quick-turnaround shipping with 32-foot clear height for maximum storage capacity and advanced technology infrastructure including Warehouse Management System (WMS), full Electronic Data Interchange (EDI) capability and real time online shipment tracking with advanced dashboard.
In an excellent location near the Ports of Los Angeles and Long Beach as well as immediate access to four major freeways including the 57, 5, 22 and 91 along with its close proximity to the 55 and 241 Transportation Corridor, the new distribution center will give customers more space and a broader choice of significant U.S. port gateways.
“With our larger facility, Regal offers 1.7 million square feet of flexible storage and three economically-significant port gateways complete with high performing Distribution Centers powered by one effective system that drives superior supply chain solutions for our customers,” says Garry Neeves, Vice President, Regal Logistics.
About Regal LogisticsWith 40+ years ‘experience as a leading third party logistics provider (3PL), Regal Logistics, specializes in high volume, mass retailer distribution and offers a comprehensive program of dedicated and shared warehousing, distribution and transportation services—including retailer consolidation, import deconsolidation and cross docking—and value added, reverse logistics and product recall services. With 1.7 million square feet of high velocity Distribution Center in Seattle, WA, Los Angeles, CA and Charleston, SC, Regal offers a superior way to accelerate product to market, while reducing costs, with better access to important markets throughout the world.
About Voit Real Estate ServicesVoit Real Estate Services is now an 11 office commercial real estate firm that, through its brokerage and real estate management professionals working together, provides strategic property solutions tailored to clients' needs. Combining more than 40 years of expertise in brokerage, investment advisory, financial analysis, market research, real estate management and tenant advisory, 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 55 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $40 billion in brokerage transaction volume. Further information is available at www.voitco.com.
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