Overton Moore Properties Announces The Sale Of The Remaining Two Buildings At Chino Gateway Center
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.