Boeing Sells 50 Acres for Development

SEAL BEACH, CA-Overton Moore Properties of Gardena has acquired 50.3 surplus acres from Boeing Realty Corp. and plans a new project called Pacific Gateway Business Center at the site. The disposition by the real estate arm of the aerospace firm is part of the company's ongoing program to improve on the use of its assets, according to Stephane Wandel, development manager for Boeing Realty Corp.Overton Moore Properties' Pacific Gateway Business Center at Seal Beach is a master-planned site that has been approved by the city and the California Coastal Commission. OMP will continue the development planning with the City of Seal Beach that was started by Boeing at the site, which is at the intersection of Seal Beach Boulevard and Westminster Avenue with frontage on both streets.The sale of the 50.3 acres includes surplus buildings and the undeveloped western portion of the Boeing Seal Beach site. Boeing says the sale will help to reduce its operating costs at its Seal Beach facility. Following the sale, Boeing will retain approximately 45 acres for ongoing operations.The Pacific Gateway property represents an opportunity to develop "within 10 months of the acquisition in a supply constrained market," according to Timur Tecimer, president of Overton Moore Properties. He notes that the business park will represent one of the largest development projects in Orange County in 2006.Boeing Realty was represented by Brian DeRevere and Bob Goodmanson of CB Richard Ellis, with Overton Moore representing itself. Boeing Realty Corp. is a wholly owned subsidiary of the Boeing Co.