Overton Moore Acquires 300,000 SF for $22M

GARDENA, CA-OMP Industrial LLC, a joint venture with Pacific Coast Capital Partners and New York State Teachers Retirement System, has acquired two buildings totaling 300,815 sf in Santa Fe Springs and Anaheim for nearly $22.2 million. The properties include a 182,566-sf distribution building at 9601 John St. in Santa Fe Springs and a 118,249-sf warehouse at 5235 Hunter St. in Anaheim that the JV bought for $12.8 million and nearly $9.4 million respectively.Timur Tecimer, president of OMP, tells GlobeSt.com that the new owners plan to improve the Anaheim building by completing extensive deferred maintenance, but the Santa Fe Springs property needs only minimal work. Tecimer describes the two new acquisitions as locations that fit the profile of industrial infill properties targeted by the OMP Industrial joint venture.The Santa Fe Springs building was sold by Cambridge Acquisition Corp. and the Anaheim building was sold by the Simi Corp. In the Santa Fe Springs transaction, Chris Migliori of the Anaheim office of GVA/Daum represented both the buyer and the seller. In the Anaheim deal, Migliori represented OMP industrial and Jim Oliver of Lee & Associates represented Simi Corp.The Anaheim building, completed in 1982, is leased to Pretium Packaging and has approximately 10,000 sf of vacant space on the second floor. The new owners have tapped Barry Washle and Michael Boomer of the Anaheim office of Lee & Associates as leasing agents for the empty space in the building. The single-tenant Santa Fe Springs building, completed in phases between 1972 and 1989, is 100% leased.With the two recent purchases, OMP Industrial has acquired more than 2.6 million sf valued at $185 million. The partnership is a $400 million joint venture that targets industrial properties in infill markets throughout Southern California.