Overton Moore Properties Announces the Sale of Two Newly Constructed Buildings at Don Julian Business Center
Overton Moore Properties (OMP) announces the sale of two, newly constructed, state of the art buildings at Don Julian Business Center located in the City of Industry, CA. 418 S. 9th Ave, a 40,548 square foot warehouse/distribution building, sold for $6,000,000 ($148 per square foot) to a private owner user, which was represented by Chris Tolles of Cushman & Wakefield. 428 S. 9th Ave, a 38,995 square foot warehouse/manufacturing building, sold for $6,188,000 ($158.68 per square foot) to a private owner user. OMP would was represented on both transactions by Erik Larson, Robin Dodson, Chris Tolles, and John Minervini of Cushman & Wakefield on both transactions.
OMP speculatively developed the project and both buildings were in escrow prior to completion of construction in June 2014. OMP acquired the land for the project in May 2012 from Henkel Corporation. The acquisition also included an existing 80,000 square foot building that was subsequently extensively renovated by OMP and also sold to a user in June of 2013.
We are very pleased to have developed two highly functional, state of the art buildings and to have benefited from the pent up demand from owner users, with limited supply” noted Jason Hines, Vice President of OMP. “We remain focused on acquiring existing buildings and land for new development in Southern California, Northern California, and Phoenix,” Mr. Hines continued.
OMP, formed in 1972, is an active investor and developer of commercial real estate and ranked as one of the largest developers in Los Angeles County. OMP has developed or acquired over 35 million square feet of office, industrial and mixed-use space in its history.