LOS ANGELES, Calif. –– Cushman & Wakefield announced Republic Floor has signed a long-term lease for a 100,000-square-foot freestanding warehouse/distribution facility in Montebello (Los Angeles), California. Republic Floor, one of the fastest-growing flooring companies in the U.S., is consolidating multiple locations in the area in effort to establish a new North America headquarters located on the West Coast. The company’s new facility is located at 7227 Telegraph Road and offers frontage along Interstate 5 plus immediate freeway access.
Cushman & Wakefield’s Tim Wallace represented the tenant. The property is owned by The O’Donnell Group which was represented by Connor McRae, Scott Heaton and Chris Sheehan of Colliers International.
“The Greater Los Angeles industrial real estate market is highly competitive and opportunities scarce,” said Rotem Eylor, CEO of Republic Floor. “For years we looked to acquire a building but properties were selling above asking price by investors paying all cash. Even on this property for lease, there were multiple companies competing.”
Eylor continued, “Republic Floor’s ability to withstand the changing economy is a testament to our niche for superior quality and customer service. We have been fortunate to continue expanding worldwide including new business acquisitions.”
Executive Director Tim Wallace said, “This facility was the result of an extensive search within an extremely competitive environment for industrial space. Ultimately Central Los Angeles was chosen due to its connectivity throughout Greater Los Angeles and the proximity to key targets. We are excited to represent Republic Floor in securing this desirable location along with other strategic pursuits that are in motion across the nation.”
Wallace added, “Today’s competitive industrial environment is largely due to the lack of modern buildings available, a low vacancy rate of just 1.1% for the area according to Cushman & Wakefield’s recent Q3-2022 market report, and the continued demand in certain sectors. Despite the uncertainty in today’s economy, lease rates have continued to climb for industrial property. Our team maintains a positive outlook for the future success of industrial real estate in populated areas like Los Angeles County.”