News

OMP Starts Construction Of State-Of-The-Art Industrial Project At The Point In Simi Valley CA

OMP - Wednesday, September 07, 2016

Los Angeles, CA (September 2016) —Overton Moore Properties (OMP) today announced the groundbreaking of a new industrial development at The Point @ Simi Valley Business Center, the company’s latest, Class-A Industrial project in the area. 

The four-building project, which is available immediately for sale, totals approximately 141,000 square feet, and can accommodate companies looking for space ranging between 30,000 to 42,000 square feet.  The buildings, with majestic views of Simi Valley, feature modern design aesthetic with mature landscaping, 26-28’ clear heights, 120’ minimum truck courts and ESFR sprinkler systems. Construction is scheduled for completion in April 2017.

 “Initial interest has been strong, and we believe the project will be well received by the brokerage and user community”, said Timur Tecimer, OMP’s Chief Executive Officer. 

The Point is located two blocks south of the Simi Valley Freeway I-118 and approximately 10 minutes from the San Fernando Valley.  The development sits on one of the last remaining parcels within the 87-acre master-planned project. Simi Valley is a business-friendly community and generally provides a lower-cost environment than the neighboring San Fernando Valley, according to Bennett Robinson, Executive Vice President at CBRE.

“Entrepreneurs are looking to locate their enterprises in state-of-the-art buildings in pro-business environments,” said Bennett Robinson, the listing broker on the assignment who will be handling the sale and leasing of the project.  “Demand for high-quality Industrial space in the Greater Los Angeles area has been on the rise”

OMP acquired the Simi Valley property from Coca Cola Company in October 2015.  Both parties were represented by Bennett Robinson of CBRE. The architect for the project is HPA and General Contractor Millie & Severson.

Ranked among the largest real estate developers in Los Angeles, Overton Moore Properties (OMP) is a privately held company specializing in real estate development, acquisition, master planning, marketing, asset management, property management, construction management, and financial reporting of industrial, office and mixed-use projects. OMP’s long-term franchise value, local market knowledge, deep relationships with tenants and the brokerage community and strong institutional relationships have contributed to its success throughout the past 41 years.  OMP has constructed and acquired more than 36 million square feet of office, industrial, and mixed-use space, developing more than 1,598 acres of raw land throughout Southern California. The firm also owns and manages over 6 million square feet of space in the region.

Authority Enter Into A Purcahse and Sale Agreement with OMP for 59 Acre Trust Property

OMP - Monday, July 25, 2016

BURBANK, Calif., November 2, 2015 – The Burbank-Glendale-Pasadena Airport Authority today announced that it, through its real estate broker, Mr. Matthew Hargrove of CBRE Inc., has entered into a purchase and sale agreement with Southern California based Overton Moore Properties (“OMP”) for the 59-acre “Trust Property” located next to the Burbank Bob Hope Airport, west of Hollywood Way and south of San Fernando Road, formerly known as the Lockheed Property on Hollywood Way.

This purchase and sale agreement is subject to review by the Trust Property Trustee, Bank of New York Mellon with a purchase price for the property of $72,500,000.  The property is being sold unentitled.

With regard to a potential California High Speed Rail station at or near the Burbank Bob Hope Airport, OMP is open to meeting with the California High Speed Rail Authority regarding the site and will look to the City of Burbank for guidance.

Overton Moore Properties Announces the Sale of Citrus Business Park

OMP - Monday, July 25, 2016

Overton Moore Properties (OMP) announces the sale of Citrus Business Park for $18,089,000 or $94.00 per square foot.  Representing one of the “best in class” industrial parks in the submarket, Citrus Business Park consists of a 192,434 square foot Class A multi-tenant park leased to 13 tenants and includes two buildings. Unit sizes range from 9,460 to 19,030 square feet. Built in 2009, the concrete tilt-up buildings feature 24’ clearance, store fronts and offices in every unit, dock high and grade level loading in each unit and generous truck courts with fenced yards.  The park located within the desirable Hunter Industrial Park in the Inland Empire market.

“Acquiring this asset from a lender in May 2011 presented significant challenges with low occupancy and weak user demand at the time for users in this size segment, noted Jason Hines, Vice President of OMP.  Initially our lease up and rent projections did not go according to our plan.  Fast forward to today, we are very pleased to have stuck it out while believing in our business plan, the quality of the asset, and the supply and demand fundamentals that allowed us to ultimately increase rents by 72% during our four year hold period, Hines continued.”

 

OMP would like to thank the following individuals: Bill Heim and Eloy Covarrubias of Lee & Associates, who represented the prior owner and OMP on the acquisition; Patrick Wood of JLL and Ryan Miller of Voit, who represented OMP in the leasing of the park; and the CBRE Investment Sales team lead by Darla Longo, who represented the buyer and OMP on the sale. 

    

OMP is continuing to acquire land and value-add industrial in Southern California, Northern California, and Phoenix.  

OMP Announces the Sale of Two Newly Constructed Buildings at Don Julian Business Center

OMP - Monday, July 25, 2016

City of Industry, CA – Overton Moore Properties (OMP) announces the sale of two, newly constructed, state of the art buildings at Don Julian Business Center located in the City of Industry, CA.  418 S. 9th Ave, a 40,548 square foot warehouse/distribution building, sold for $6,000,000 ($148 per square foot) to a private owner user, which was represented by Chris Tolles of Cushman & Wakefield.   428 S. 9th Ave, a 38,995 square foot warehouse/manufacturing building, sold for $6,188,000 ($158.68 per square foot) to a private owner user.  OMP would was represented on both transactions by Erik Larson, Robin Dodson, Chris Tolles, and John Minervini of Cushman & Wakefield on both transactions.

OMP speculatively developed project and both buildings were in escrow prior to completion of construction in June 2014.  OMP acquired the land for the project in May 2012 from Henkel Corporation.  The acquisition also included an existing 80,000 square foot building that was subsequently extensively renovated by OMP and also sold to a user in June of 2013.

“We are very pleased to have developed two highly functional, state of the art buildings and to have benefited from the pent up demand from owner users, with limited supply” noted Jason Hines, Vice President of OMP.  “We remain focused on acquiring existing buildings and land for new development in Southern California, Northern California, and Phoenix,” Mr. Hines continued.

OMP Lands Another Infill Industrial Development Project in La Mirada

OMP - Monday, July 25, 2016

Los Angeles, CAOverton Moore Properties (OMP) a real estate developer and investor announced today the acquisition of 9 acres of industrial zoned land in La Mirada, CA.   The property located at 14445 Alondra Boulevard is less than ½ mile from the 5 Freeway in the mid-county submarket.  The Mid-County submarket representing over 133 million square feet has a vacancy rate of 2.7%.  The mid-counties submarket is one of the most desired submarkets in the LA basin serving both LA and Orange counties.  The project will represent 199,588 square feet of Class A industrial space and OMP expects to commence construction in May of 2015 with delivery by December 2015. The building will feature 32’ clear height, ESFR sprinkler system, 155’ truck courts and concrete truck yards.

“With no new construction in excess of 100,000 square feet planned for 2015, OMP’s timing should be impeccable to capture a tenant in a rising rental rate market,” noted Barry Hill, Senior Vice President of Jones Lang LaSalle.  “This is our second acquisition with Dow Chemical Company over the past twelve months and we are excited about the location, tightness of the market and the building size we’re delivering to the market“ noted Timur Tecimer, CEO of OMP.  OMP acquired a twenty acre site from Dow Chemical Company during the 4th quarter of 2014 in Torrance, CA.

OMP acquired the property from Rohm & Haas a division of Dow Chemical Company.    Both parties were represented by Barry Hill, Greg Matter and Paul Sablock of JLL.  JLL will be the listing broker on the assignment.   The architect for the project is HPA

Ranked among the largest real estate developers in Los Angeles, Overton Moore Properties (OMP) is a privately held company specializing in real estate development, acquisition, master planning, marketing, asset management, property management, construction management, and financial reporting of industrial, office and mixed-use projects. OMP’s long-term franchise value, local market knowledge, deep relationships with tenants and the brokerage community and strong institutional relationships have contributed to its success throughout the past 41 years.  OMP has constructed and acquired more than 36 million square feet of office, industrial, and mixed-use space, developing more than 1,598 acres of raw land throughout Southern California. The firm also owns and manages over 6 million square feet of space in the region.

OMP Acquires Another Infill Site for Retail and Industrial Development in San Fernando Valley

OMP - Monday, July 25, 2016

Los Angeles, CA – Continuing on its focus to acquire infill development sites within the greater Los Angeles basin, Overton Moore Properties (OMP) a real estate developer and investor announced today the acquisition of 7.5 acres of retail and industrial zoned land in the City of Los Angeles, CA.   The property is at the Southeast corner of DeSoto and Nordhoff in the San Fernando Valley.  OMP will develop 17,000 square feet of retail space anchored by Farmer Brothers and El Pollo Loco on the retail site.  The retail site also includes 10,200 square feet of shop space that will be leased by quick service retail and other business service tenants that will serve the surrounding business community.  In addition, OMP will develop four industrial/warehouse buildings on separate lots totaling 112,500 square feet.  Each of the industrial buildings will have 28’ clear heights, 120’ truck courts, fenced yards and high calculated sprinkler systems, all a rarity for buildings in the 25-30,000 square feet range in this submarket.

The San Fernando Valley submarket within the City of Los Angeles is one of the tightest and land constrained submarkets in Los Angeles County.  “We’ve been tracking this site for over ten years and it’s one of the last vacant sites available in the area.  The demand for new retail and industrial product at our site has surpassed our expectations“, noted Timur Tecimer, CEO of OMP.  OMP will commence grading within forty-five days and complete the project by the end of the first quarter of 2015.       

OMP acquired the property from United Technology Corporation.    Both parties were represented by Matt Hargrove, Executive Vice President of Global Corporate Services at CBRE. Bennett Robinson from CBRE will be representing OMP on the industrial portion of the site and Richard Rizika and Mitchell Hernandez from CBRE will represent OMP on the retail portion of the site.  The architect for the project is HPA and Norm Wilson and Sons will be building the project for OMP. Wells Fargo N.A. provided the construction financing for the project.

Ranked among the largest real estate developers in Los Angeles, Overton Moore Properties (OMP) is a privately held company specializing in real estate development, acquisition, master planning, marketing, asset management, property management, construction management, and financial reporting of industrial, office and mixed-use projects. OMP’s long-term franchise value, local market knowledge, deep relationships with tenants and the brokerage community and strong institutional relationships have contributed to its success throughout the past 41 years.  OMP has constructed and acquired more than 36 million square feet of office, industrial, and mixed-use space, developing more than 1,598 acres of raw land throughout Southern California. The firm also owns and manages over 6 million square feet of space in the region.

Overton Moore Properties Announces the Sale of The Crossings @ 880 to Black Rock Realty Advisors

OMP - Monday, July 25, 2016

Fremont, CA – Overton Moore Properties (OMP) is pleased to announce the sale of The Crossings @ 880.  The property was purchased on behalf of an account managed by BlackRock Realty Advisors. The Crossings @ 880 represent three state of the art industrial/advanced manufacturing buildings consisting of 690,796 square feet located in Fremont, CA.  Completed in the 1Q 2015, the project offers best of class features in the marketplace with unparalleled freeway access and visibility along the I-880 Freeway. The project developed by OMP in partnership with LaSalle Investment Management was completed earlier this year and is one hundred percent leased to quality tenants with long term leases. 

 The overall development included restoring wetlands, completing Fremont Boulevard to Dixon Landing at the 880 freeway and extending the San Francisco Bay Trail. “The Crossings @ 880 will always be known as the premier industrial location in the East Bay Market. We were delighted to have selected BlackRock Realty since we’ve had a long standing relationship with their company”, noted Timur Tecimer, CEO of OMP. 

 The sale was handled by Rob Shannon and Darla Longo of CBRE.

 

OMP Eureka Landing is Under Construction and Completion Set for October 2016

OMP - Monday, July 25, 2016

Hayward, CA (May 2016) Overton Moore Properties and Newmark Cornish & Carey today announced that Silicon Valleys newest, high-image, advanced manufacturing industrial project is under construction and available immediately.. At approximately 140,000 square feet, OMP Eureka Landing can accommodate up to 45,000 square feet of custom-built office space and features a modern design aesthetic and premium building amenities. Construction began in April and is scheduled for completion in the October of 2016.

Located at 39888 Eureka Drive in Newark, California, Eureka Landing lies two blocks west of Interstate-880 within the Stevenson Point Tech Park. The 1.1 million-square-foot Tech Park is populated with cutting-edge high technology companies including Apple, Unigen Corporation, SMART Modular Technologies and Triple Ring Technologies, Inc.

We are very excited to introduce our latest Silicon Valley project, OMP Eureka Landing, said Timur Tecimer, CEO of Overton Moore Properties. We have designed the building to optimize its utility by high tech, life science, data center, clean energy or solar firms to realize and create their innovations in the same space.

Overton Moore launched the OMP Eureka Landing development following its tremendous success with Crossings @ 880, a 700,000-square-foot project in Fremont which the developer completed in 2014 and fully leased to Apple, Living Spaces and Pivot Interiors. Crossings @ 880 sold in August of 2015 to an affiliate of BlackRock Realty Advisors.

OMP Eureka Landing represents a unique opportunity to lease a brand new, high quality building which is also customizable to its users specifications, said Steve Kapp, a Newmark Cornish & Carey executive managing director who is marketing the property together with Senior Managing Director Mike Spiro and Associate Director Curtis Stahle. With industrial vacancies below three percent along the I-880 corridor, and a mere handful of buildings with comparable space currently available throughout the entire Silicon Valley, OMP Eureka Landing is a timely solution for companies growing and developing here.

In addition to the potential for 45,000 square feet of office space, OMP Eureka Landing will be built to handle business with 16 dock high doors, two oversized grade level doors, 32-foot clear height, ESFR sprinkler systems and 4,000 amps of 480-volt power, double that of most buildings on the market. The building is completely secure and well designed to ensure maximum privacy for single tenancy. Sustainable landscaping and skylights arranged to allow installation of solar panels cap off the LEED-compliant project.

OMP Annouces the Sale of Chino Gateway

OMP - Tuesday, March 11, 2014

Overton Moore Properties (OMP) announces the sale of the remaining two buildings at Chino Gateway Center in Chino, CA.  13980 Central, a 38,063 square foot single tenant building sold to Escort Seal Co. Ltd., which was represented by John Espinosa of Lee & Associates and Jason Chao of CBRE represented OMP.  14020 Central, a 96,120 square foot multi-tenant building sold to Ziman Realty Partners, who was represented by Brad Levin of Daum Commercial.  Both buildings were 100% leased at the time of sale.

 

Located at the prominent corner of Central & Edison in Chino, CA, Chino Gateway Center is a 261,000 square foot industrial park, consisting of 5 free standing buildings, including the 96,120 square foot multi-tenant building. OMP acquired the park in January 2013, completed a renovation, recorded new CC&R's, and began selling the individual buildings within four months of the acquisition.

 

"When we acquired the asset we believed there would be value in selling the buildings individually; however, the challenge was unlocking the value since the park was 100% leased." noted Jason Hines, Vice President of OMP.  "Fortunately, due favorable negotiations with the tenants and strong user and investor demand, we were able to execute our business plan quickly."

 

OMP is continuing to acquire land and value-add industrial in Southern California, Northern California, and Phoenix.  

 

For further details or to submit acquisition opportunities contact Jason Hines at 310-354-2471.

 

 

OMP Acquires Phoenix Industrial Property

OMP - Wednesday, February 12, 2014

Overton Moore Properties (OMP) announces the acquisition of a 127,680 square foot warehouse facility located at Freeport Center, 420 S. 53rd Ave., Phoenix for $6.95M.  The price included a 2.09 acre land parcel adjacent to the building.  The property was 50% leased at the time of sale.  The recently closed transaction marks OMP's first acquisition in the Phoenix market.  

OMP acquired this asset under its newly formed venture with Pacific Coast Capital Partners and an institutional partner. The venture is committed to acquire $80 to $100 million of industrial real estate in the Phoenix market within the next two to three years. "This was an excellent opportunity to acquire a well located asset with value-add opportunity through the lease up of the existing vacancy and either developing or selling the excess land," noted Jason Hines, Vice President of OMP.  "We hope this is the first of many value add acquisitions in the Phoenix market," Hines commented.

The Koss/Louer Team, featuring principals Stein Koss and Tom Louer of Lee & Associates Arizona represented both the seller, Jerry Ivy Trust and OMP. "It was a great experience working with OMP and we were glad to see that this property worked from an investment standpoint," said Koss. "This property makes a strong statement as their first purchase in this market."

Built in 1987, the building features 30' clear height, dock high loading, heavy industrial (A-2)zoning and a secured yard with fencing around the entire property. The property features an active Union Pacific rail spur on the west side of the site. Freeport Center is located in the heart of the Southwest Valley industrial market and is close to Interstate 10.

OMP, formed in 1972, is one of the largest developers in Los Angeles County. The privately held real estate company specializes in development, acquisition, master planning, asset management, property management, marketing, construction management and financial reporting of commercial properties. OMP has developed or acquired over 35 million square feet of office, industrial and mixed-use space in its 42 year history. 

For further details or to submit acquisition opportunities contact Jason Hines at 310-354-2471.

 

Overton Moore Properties, 19300 South Hamilton Ave, Suite 200, Gardena, CA 90248
T. 310.323.9100, F. 310.608.7997 www.omprop.com