GARDENA, Calif., June 13, 2012 /PRNewswire/ -- Overton Moore Properties (OMP) announced today the acquisition of 15051 Don Julian Road, City of Industry, CA. The 80,000 SF building is situated on 9.62 acres of land located in the western part of the San Gabriel Valley submarket with close proximity to both the I-605 and I-60 Freeways. When completed, Don Julian Business Center will consist of three buildings totaling 160,000 SF. OMP plans on re-positioning the existing 80,000 SF building and developing two spec buildings representing 40,000 SF each.
The existing building at 15051 Don Julian Road sits on over 5 acres and will provide users with a fenced and large yard for storage or building expansion. OMP plans on creating a new building facade, adding dock high truck positions, demolition of interior improvements and constructing new office space. The existing building will be ready for occupancy by the beginning of the fourth quarter 2012.
OMP plans on breaking ground during the fourth quarter this year on two speculative 40,000 SF Class A industrial buildings. The buildings will feature 26' clear height, fenced and secured yards, 7 dock high positions, high density sprinkler system and spec office space. The buildings will be delivered to the market by the second quarter of 2012.
"Don Julian Business Center is a typical acquisition for OMP where we create value through the repositioning of an infill manufacturing building into a state of the art distribution/corporate headquarters building coupled with some additional speculative development" noted Timur Tecimer, President of OMP. Commenting on the sale, Cushman and Wakefield Senior Director Erik Larson said, 'the acquisition by OMP further confirms developer and investor confidence in the San Gabriel Valley industrial marketplace. OMP was the right buyer for this acquisition due to their experience, market knowledge and ability to close on an all cash basis."
OMP acquired the property from Henkel Corporation. John Minervini, Robin Dodson, Eric Larson and Chris Tolles of Cushman & Wakefield represented OMP and Travis Boyd and Alex Hayden of Cushman and Wakefield represented Henkel Corporation.
Don Julian Business Center represents OMP's third acquisition in 2012 and the firm has nearly 1.5 million square feet under construction throughout greater LA basin. OMP is focused on acquiring land for development, value add and core investments in 2012.
SOURCE Overton Moore Properties