Overton Moore Properties Announces Completion Of Three Recent Projects And The Sale Of OMP Fontana Logistics Center, Fontana, CA
GARDENA, Calif., March 15, 2013 /PRNewswire/ -- Overton Moore Properties (OMP) recently completed three Class A bulk warehouse/distribution buildings in the Inland Empire representing 1.4 million square feet in the cities Fontana and Moreno Valley, CA. In addition, OMP announces the sale of OMP Fontana Logistics Center, a 419,823 square foot distribution building in the Southwest Industrial Park of Fontana, CA. The building was sold for $29,600,000 at completion to Santa Fe Springs based Coaster Company of America ("Coaster") Coaster is an importer and distributor of fine furniture in the United States and Mexico since 1972.
"OMP is delighted with the sale to Coaster and it demonstrates the strength of the industrial market in the Inland Empire. Low cost financing is attracting users to buy vs. lease throughout Southern California, noted Timur Tecimer, CEO of OMP. The Inland Empire submarket of the greater Los Angeles Industrial market is one of the most active markets in the US with over 8 MSF of completions in 2012 and an additional 6.5-7 MSF under construction in 2013. OMP developed these projects early on in the market cycle to take advantage of low land acquisition and construction costs. OMP has an additional 1.1 million square feet in their development pipeline for 2013 in California, commented Tecimer.
Tim Cronin, Senior Vice President of Lee & Associates of the Commerce office has represented Coaster for over twenty years. "OMP was very responsive and satisfied all of Coaster's needs and it was a great opportunity to work with a class act organization," commented Mr. Cronin.OMP was represented by the Newmark Grubb Knight Frank. The leasing team who brought OMP the land acquisition included Steve Sprenger, Executive Managing Director, Randy Lockhart, Executive Managing Director, President, Mark Kegans and Ron Washle Senior Managing Directors.
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