Clint McMorris, senior vice president in Colliers International's Torrance office, explains that the SBA's green financing requires users to improve the property to maintain lower utility costs. This loan marks one of the first and largest loans for a user in Southern California utilizing the SBA's green financing, he notes.
McMorris, who represented the buyer along with fellow Colliers SVP Lary Carlton of the Torrance office, says that Community Bank, a provider of financial services to small and mid-sized businesses in Southern California, funded the first loan. South Coast is expanding from its current operation in Carson and was attracted to this property because it offers nearly double the building square footage of its existing facility, according to McMorris. He notes that the new space also provides an additional five acres of land and a central location for South Coast.
South Coast will use the property for the warehousing of customer products and as a logistics and transportation center. "The key to this deal was obtaining a conditional use permit from the City of Fullerton," said Elias Youkhehpaz, president of South Coast. The seller of the property was Newport Beach-based Western Realco, which was represented by Jeff Read and Greg Osborne of Grubb & Ellis Co.
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