VOIT COMPLETES NEW 47,500 SQUARE-FOOT INDUSTRIAL LEASE FOR LARGE INSULATION FABRICATOR IN SOUTHERN CALIFORNIA
David Fults and Brian McLoughlin of Voit’s Greater Los Angeles office completed a new, $1.6 million lease on behalf of the lessee.
COMMERCE, CA – May 30, 2012 – (RealEstateRama) — David Fults and Brian McLoughlin of Voit Real Estate Services’ Greater Los Angeles office have successfully completed the new, seven-year, $1.6 million lease of a 47,500 square-foot industrial warehouse at 6655 East 26th Street in Commerce, CA on behalf of the lessee. This free-standing industrial facility will be fully occupied by Insul-Therm International, Inc., a company that manufactures and distributes insulation products for the industrial and commercial insulation markets, according David Fults, a Senior Vice President in Voit’s Greater Los Angeles office.
Fults worked with Brian McLoughlin, also a Senior Vice President at Voit, to represent Insul-Therm International as the lessee. Insul-Therm is expanding its business with this new lease – the company is relocating from a 30,000 square-foot building also in Commerce.
“This is a rare expansion for a manufacturing company in California. The market for Class B industrial buildings continues to struggle because of the shrinking manufacturing sector,” said Fults. ”Our team was able to identify this property, which exceeded the needs of our customer, while leveraging the soft leasing market to negotiate a very low lease rate. We cut Insul-Therm’s rent by 40 percent on a per-square-foot basis.”
According to Fults, the Voit team also negotiated attractive move-in terms for its client, enabling Insul-Therm International to cut significant expenses during the initial set-up of its manufacturing operation.
The lessor, the Los Angeles Board of Adjusters, was represented by Jeff Sanita, John McMillian and Tim Wallace of Cushman & Wakefield.
About Voit Real Estate Services
Voit 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.
Contact:
Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940
JQuader (at) browermillercole (dot) com
