OMP Lands Another Infill Industrial Development Project In La Mirada, CA
LOS ANGELES, Dec. 17, 2014 /PRNewswire/ -- Overton Moore Properties (OMP), a real estate developer and investor, announced today the acquisition of 9 acres of industrial zoned land in La Mirada, CA. The property located at 14445 Alondra Boulevard is less than 1/2 mile from the 5 Freeway in the mid-county submarket. The Mid-County submarket representing over 133 million square feet has a vacancy rate of 2.7%. The mid-counties submarket is one of the most desired submarkets in the LA basin serving both LA and Orange counties. The project will represent 199,588 square feet of Class A industrial space and OMP expects to commence construction in May of 2015 with delivery by December 2015. The building will feature 32' clear height, ESFR sprinkler system, 155' truck courts and concrete truck yards.
"With no new construction in excess of 100,000 square feet planned for 2015, OMP's timing should be impeccable to capture a tenant in a rising rental rate market," noted Barry Hill, Senior Vice President of Jones Lang LaSalle. "This is our second acquisition with Dow Chemical Company over the past twelve months and we are excited about the location, tightness of the market and the building size we're delivering to the market," noted Timur Tecimer, CEO of OMP. OMP acquired a twenty acre site from Dow Chemical Company during the 4th quarter of 2014 in Torrance, CA.
OMP acquired the property from Rohm & Haas a division of Dow Chemical Company. Both parties were represented by Barry Hill, Greg Matter and Paul Sablock of JLL. JLL will be the listing broker on the assignment. The architect for the project is HPA.
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
310-354-2473
[email protected]
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SOURCE Overton Moore Properties
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