Overton Moore Rolls Out $43M Project

The project will consist of 10 free-standing industrial buildings "for lease or sale," five of which are already in escrow. The buildings will range from 18,000 sf to 150,000 sf in a 24-acre business park setting that will be within walking distance of restaurants, Citadel Factory Outlet Stores and Wyndham Hotel. The project, bordering Smithway and Leo streets, features immediate access to the Santa Ana (5) and Long Beach Freeways (710).

Timur Tecimer, Overton Moore's president, tells GlobeSt.com that the development is a response to what he calls "tremendous demand" for infill industrial space in the City of Commerce, one of LA's mature and fully developed industrial markets, where little land is available for new projects. Tecimer explained that this particular parcel became available for development only after Pacific Tube discontinued manufacturing at the site, where it had operated for 50 years.

The 24-acre site is part of a 47-acre parcel that Overton Moore acquired from Pacific Tube Co. during fourth quarter 2002. Since then, Overton Moore sold an existing 216,000-sf building, occupied by TW Metals, to 44th Street Investors of Vernon and is selling 12.3 acres to Craig Realty Group of Newport Beach for the expansion of the Citadel's outlet stores, according to Rooney Daschbach, Overton Moore's senior vice president of marketing. Craig's plans for the outlet store expansion were reported by GlobeSt.com June 22. Besides selling part of the 47 acres, Overton Moore demolished about 600,000 sf of functionally obsolete space in 14 buildings.

In addition to five buildings in escrow, Tecimer notes that Overton Moore is holding letters of intent from two other prospective owners. He tells GlobeSt.com that interest is coming from companies within Commerce that are looking for modern, class A space, as well as buyers from Los Angeles, Vernon and other industrial markets.

The development, slated to be completed by March 2004, was designed by GAA Architects of Irvine, with Los Alamitos-based Millie & Severson as the general contractor. David Hess, John McMillan and Jeff Sanita of Cushman & Wakefield's Downtown Los Angeles office hold the listing.