Voit Sells Building at Former GM Plant to Apparel Firm

Developers of an industrial and retail center at the former General Motors assembly plant in Van Nuys were scheduled to close the sale of a 190,000-square-foot industrial building today, weeks after selling most of the retail portion of the project for $43 million.

Woodland Hills-based Voit Cos. said it will sell the industrial building to apparel firm Jerry Leigh, which designs and manufactures clothing under licensing agreements with Walt Disney Co., Warner Bros. and others. The building will serve as the company’s headquarters, manufacturing facility and warehouse. The sale price was not disclosed, but industry sources estimated it at $12 million.

Voit Cos. developed the 68-acre former GM plant in partnership with Westlake Village-based Selleck Development Group, completing the project last year.

A group of Los Angeles investors called NF Plant Associates recently bought 220,000 square feet of the 368,000 square feet of space in the 36-acre retail portion of the development for $43 million, according to Marcus & Millichap broker Gregory Mills, who represented the buyers. Mills said the remaining 148,000 square feet of retail space is owned separately by such retailers as Home Depot, Babies R Us, In-N-Out and Arco.

The 32-acre industrial portion of the development includes warehouse and distribution facilities operated by Ricon Corp., Import Collection and Zodax, all of which have purchased their buildings, according to Voit.

The building’s buyer was represented by Brett Warner of Lee & Associates and the seller was represented by Mike Clark of Cushman & Wakefield. In the sale of the retail space, Voit was represented by Cody Small and John Tercek of Radius Retail Advisors.