Overton Moore Properties Announces the Sale of Citrus Business Park
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 is 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.