DAUM Closes $14.6 Million Industrial Expansion Transaction

Date: 08/07/2009
Contact: Public Relations | p: 213-625-3286

DAUM Commercial Real Estate Services has closed a $14.6 million industrial expansion transaction in Ontario, Calif. for Myers Power Products. Myers Power Products, a worldwide manufacturer of electrical switchgear, service pedestals, custom cabinets and enclosures, UPS, emergency power and emergency lighting systems, acquired the 221,921 square-foot state-of-the-art manufacturing, distribution and warehouse facility in Ontario, Calif. to expand its manufacturing and corporate offices.

Mark Zorn and Tal Siglar of Daum’s Ontario office represented the seller, TA Associates Realty. Chris Migliori of Daum represented the buyer, Myers Power Products, in the transaction.

“This is one of very few large building sales of this size in the past 14 months in Southern California,” explained Chris Migliori, SIOR, executive vice president of DAUM Commercial Real Estate Services. “Due to Myers Power’s strong balance sheet and continued growth, they had no problem financing the transaction at a time when the credit markets are tight.”

The property is located at 2950 Philadelphia in Ontario, Calif. and boasts frontage to the 60 freeway.

“Despite the current downturn, our company elected to consolidate three different buildings under one roof to provide for greater efficiencies, take advantage of today’s commercial real estate prices and the current interest rates,” explained Diana Grootonk, CEO of Myers Power Products. “We will be adding 27,000 square feet of additional two-story, high-image office space to the property to bring the total square feet to approximately 240,000 square feet.”

DAUM Commercial Real Estate Services provides a full array of commercial real estate services including brokerage, consulting, leasing, sales, corporate services and asset, construction, project and property management. Founded in 1904, DAUM is California’s oldest and most experienced commercial real estate brokerage company. DAUM has 11 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.

DAUM Commercial Real Estate Services is a member of ONCOR International, a premier global commercial real estate network. ONCOR International members represent more than 50 independent commercial real estate brokerages, with more than 2,200 associates in over 170 offices throughout 32 countries. In 2007, ONCOR International members were collectively responsible for approximately $38.4 billion in commercial real estate volume and over 17,000 commercial real estate transactions. ONCOR International LLC, a subsidiary of Realogy Corporation, oversees the ONCOR International member network. More information is available at www.oncorintl.com.