Overton Moore Properties Announces The Sale Of Three Buildings At Chino Gateway Center
Overton Moore Properties (OMP) announces the sale of three buildings at Chino Gateway Center. 5220-5228 Edison Ave., a 35,577 square foot free standing building, sold to Mao Ri Dong, who was represented by Jason Chao of CBRE. 5270 Edison Ave., a 39,723 square foot building, sold to Prima Marketing, which was represented by Ty Newland of Cushman & Wakefield. 14040-14042 Central Ave., a 51,530 square foot building, sold to Boely Corporation, and was also represented by Jason Chao of CBRE.
Located at the prominent corner of Central & Edison in Chino, CA, Chino Gateway Center is a 261,000 SF industrial park, consisting of 4 free standing buildings plus a 96,000 SF multi-tenant building, which offers 9,900 SF dock high units. OMP acquired the asset in January 2013. With three of the free standing buildings sold, OMP plans to eventually sell the remaining 39,000 SF free standing building to a user or investor and sell the 96,000 SF multi-tenant building as a lease investment.
“With the recent acquisition of Chino Gateway in January 2013, we are pleased to execute our business plan so quickly.” noted Jason Hines, Vice President of OMP. “We are actively seeking value add or development opportunities that provide the ability to capitalize on pent up owner/user demand, driven by low interest rates and lack of available product.”