RANCHO DOMINGUEZ-Oakmont Industrial Group of Atlanta has acquired an 83,316-sf industrial building south of the 91 Freeway at 575 W. Manville St. and has started an extensive renovation of the property. Tim Howard, Oakmont's regional partner in the company's Irvine office, tells GlobeSt.com that Oakmont plans to completely refurbish the building, which has served as a manufacturing facility ever since it was built in 1979, in order to convert it for use as a distribution building.
"With this location near the ports, it will be a great distribution building after we finish repositioning it," Howard says. The renovation will include new landscaping, interior and exterior painting, the addition of eight dock positions and an expanded loading area.
Oakmont's plan is to upgrade the concrete tilt-up building to include current market features such as 24-ft clear height and a 120-ft-deep truck court that will allow for an increased flow of goods through the warehouse. The changes will make the building an attractive asset to a wide variety of logistics related users, Howard says.
"The property is located fewer than seven miles from the LA/Long Beach Port, and we believe that will drive demand for the asset," Howard says. Oakmont acquired the West Manville Street building from the Yoss Family Trust for approximately $7.6 million in a transaction arranged by industrial broker Jeff Smart of the South Bay office of Grubb and Ellis.
Smart notes that Oakmont has experience with the repositioning of a previous property in the South Bay, at 1800 Anderson St. Oakmont has retained Grubb & Ellis as the leasing agent for the West Manville Street property, with Smart leading the effort.
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