Ashley was represented by Aaron Hodgdon of the Hodgdon Group and senior vice president Rick John of Collins Commercial. The Hodgdon Group has represented Arcadia, WI-based Ashley Furniture Industries for the last 10 years on the development, purchase and leasing of more than two million square feet of industrial and manufacturing space, and is the exclusive representative for the Ashley Furniture Home Stores for retail real estate.
Overton Moore was represented by Jim Koenig, David Consani and Darla Longo of CB Richard Ellis in Ontario. The buildings that Ashley bought, known as OMP Cooley Ranch Industrial Park, were built in 1989 and 1990.
Overton Moore notes that the buildings provide rail access, clear heights of 24 to 30 feet and "excellent dock door ratios." David McDonnell, vice president of development for OMP, comments that, "In light of the slowdown in the economy, decreased tenant activity and rent deflation, we felt that a user sale represented the best opportunity to maximize the value of our investment."
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