LOS ANGELES, June 13, 2014 /PRNewswire/ -- Overton Moore Properties (OMP) a real estate developer and investor announced today the acquisition of 18 acres of industrial zoned land in Pomona, CA. The property is situated along the 71 Freeway at the Valley Boulevard exit. Concurrently with the land acquisition, OMP entered into a Build to Suit agreement with Graybar Electric Company. Graybar is a leading distributor of electrical, communications, data networking and security products. With more than 250 locations across North America, Graybar is a local distributor backed by the strength of a Fortune 500 Company. Graybar Electric Company will be expanding from their existing facilities in City of Industry, CA. The project will represent 240,000 square feet of Class A industrial and OMP commenced grading with delivery by January 2015.
"We are excited about the opportunity to work and partner with one of the premier employee owned companies in America. Graybar Electric Company will acquire the building at completion from OMP", noted Timur Tecimer, CEO of OMP. Site work has commenced with a construction schedule lasting seven months.
OMP acquired the property from ATC Realty. Both parties were represented by Steve Belletti, Senior Executive Vice President and Tom Taylor Senior Executive Vice President from Colliers International. Colliers International represented OMP on the Build to Suit for Graybar Electric Company and Rick Sheckter, Executive Managing Director from Newmark Grubb Knight Frank represented Graybar Electric Company. The architect for the project is HPA and Fullmer Construction Company will be building the project for OMP. Wells Fargo N.A. provided the construction financing for the project.
Ranked among the largest real estate developers in Los Angeles, Overton Moore Properties (OMP) is a privately held company specializing in real estate development, acquisition, master planning, marketing, asset management, property management, construction management, and financial reporting of industrial, office and mixed-use projects. OMP's long-term franchise value, local market knowledge, deep relationships with tenants and the brokerage community and strong institutional relationships have contributed to its success throughout the past 41 years. OMP has constructed and acquired more than 36 million square feet of office, industrial, and mixed-use space, developing more than 1,598 acres of raw land throughout Southern California. The firm also owns and manages over 6 million square feet of space in the region.
CONTACT: Tara Langton
Overton Moore Properties
SOURCE Overton Moore Properties