The 12-building project will be a joint venture with Dallas-based Crow Holdings Industrial Trust, according to Timur Tecimer, president of OMP, who said the development will answer the continuing demand for warehouse and distribution space and manufacturing facilities in the Los Angeles area.
The project site includes about 35 acres on the south side of Smithway Street and 12 acres on the north side. As opposed to the mammoth warehouses that many developers have erected, Overton Moore plans to construct small and mid-sized buildings for lease or for sale. Plans call for 11 new dock high buildings, ranging from 18,000 to 150,000 sf, with 24-foot clearance. The 12th structure will be an existing 217,000-sf building that will be renovated. Several prospective buyers have informally committed to about 50% of the project's space, according to Rooney Daschbach, OMP's senior vice president of marketing.
The project site includes numerous metal buildings that will be demolished, beginning this month. Completion is planned in about a year.
Tecimer describes the development as an "infill opportunity" in the City of Commerce, which has relatively few sites available for development. He says it is also an unusual transaction which calls for OMP to sell 12.29 acres to the City of Commerce. Tecimer explains that the city already owns The Citadel, a factory outlet complex near the development site, and wants room to expand it.
OMP acquired the development site from Pacific Tube Company and TW Metals in a deal brokered by Cushman & Wakefield's Dave Hess, John McMillan and Robert Griffith. Architects for the project are GAA Architects and the Calvert Architectural Group, and Millie & Severson is the general contractor.
One of the Southland's largest developers, OMP is also developing a 1.4 million-sf business park, The CommerceCentre @ Buena Park. Earlier this year the firm sold its 1.9 million-sf foot Port Los Angeles Center, in San Pedro, for $120 million.
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