WINCO GARFIELD
(INDUSTRIAL)
Commerce, CALIFORNIA


Winco purchased this 65,531 square foot industrial building in March, 2002. This property, located in Commerce, CA, was held for investment purchases until it was sold in August 2004. Taking advantage of the hot real estate market the property resulted in an approximate 45% profit to the investors.

SERVICES PROVIDED:

• Acquisition
• Management
• Construction Management
• Financing

"Purchase Money financing is a challenge for several reasons. One is that in this climate of rising prices, sellers are reluctant to budge on any issues that arise in the closing process. The second is that Buyers are often faced with deadlines from fixed rate lending programs that can change on a daily basis. The tension that results from this balancing act will often kill a transaction. My experience with Richard Shapiro in a recent closing added a third dimension: a stubborn credit tenant. What I found in dealing with Richard and Winco was an uncanny ability to keep all members of the transaction focused, reasonable and proceeding with a sense of purpose and urgency. Despite facing many times where the purchase could have collapsed, Richard persevered and closed on a fine property. He's kind of like the ringleader in a three ringed circus."

Jeffrey M. Hudson,
Chief Executive Officer
George Elkins Mortgage Banking Company