Overton Moore Properties Announces The Sale Of Enterprise Distribution Center, Rialto, CA
Overton Moore Properties (OMP) announces the sale of Enterprise Distribution Center, a 370,335 square foot class “A” distribution building in Rialto, CA. The distribution building was built in 2007 and acquired by OMP in May 2011. The project sold for $24,071,775, or $65 per square foot, to Oltmans Investment Company. The property was vacant at the time of the sale. Peter Bacci, Executive Vice President of Lee & Associates, represented Oltmans and OMP was represented the Lee & Associates team consisting of Bill Heim, Executive Vice President, and Eloy Covarrubias, Vice President.
“OMP is pleased with the sale to Oltmans. The sale demonstrates the strong demand for investors to buy class “A” industrial assets in the Inland Empire,” noted Jason Hines, Vice President of OMP. OMP has 1.3 million square feet in their development pipeline for 2014 in California, ranging from big box distribution to small buildings for sale. “OMP is actively acquiring additional sites and value-add industrial opportunities in California and Arizona,” commented Hines.
In 2013, OMP acquired a total of 65 acres of land plus existing buildings for a total 1.3M square feet. It completed three new development projects totaling 1.0M square feet and sold 7 assets representing 1.7M square feet.