OMP ACQUIRES 13 SITES FROM AT&T IN SOUTHERN AND NORTHERN CALIFORNIA
Los Angeles, CA – Overton Moore Properties (OMP) a real estate investor and developer announced today the acquisition of thirteen (13) properties in Southern and Northern California from AT&T. AT&T will enter into a short term sale lease back on the majority of the sites. The bulk of the properties are in infill locations in Los Angeles, San Diego, San Francisco, San Mateo, Santa Clara and Alameda Counties. Notable locations include San Bruno, Sunnyvale, South San Francisco, Oakland, San Diego and Simi Valley. OMP plans to redevelop the sites into multi-family, affordable housing, self-storage, asset repositioning that will be sold to industrial uses and/or hold the assets on a long term basis.
The AT&T acquisition represents an opportunity for OMP to re-position infill locations for higher and better uses. This is the second corporate portfolio acquisition OMP has acquired during the past two years. In 2017, OMP acquired nine assets in Southern California from Frontier Communications. “Acquiring 13 assets at once had its challenges but well worth it based upon the location and long term value we can create. Having extensive experience and offices in both Southern and Northern California made us very comfortable with this acquisition. It’s a unique opportunity to utilize our entitlement, development and re-positioning skillsets on a large portfolio,” noted Timur Tecimer, CEO of Overton Moore Properties.
Both parties were represented by Patrick Arangio, Vice Chairman and Kurt Altvater, Senior Vice President from CBRE National Portfolio Sales Advisors group. Local CBRE market experts will work with OMP on potential asset dispositions.
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 42 years. OMP has developed and acquired more than 38 million square feet of office, industrial, and mixed-use space, representing over $2 billion in value. The firm has offices in Southern and Northern California and manages over 8 million square feet of space in California.