Overton Moore Asset Sells for Nearly $12M

ANAHEIM, CA-Overton Moore Properties of Gardena has sold a 120,000-sf warehouse and manufacturing building at 5235 E. Hunter Ave. to an East Coast-based pension fund adviser for nearly $12 million, according to CB Richard Ellis. Steve Batcheller of the Newport Beach office of CB Richard Ellis tells GlobeSt.com that the single-story industrial building with mezzanine office space was fully occupied at the time of the sale, which was brokered by a team from CBRE.

In addition to Batcheller, the CBRE team members included Paul Jones of the Newport Beach office, Darla Longo of the company's Ontario office and Kevin Shannon of the CBRE South Bay office in Torrance. The firm that acquired the property represented itself.

Overton Moore had owned the property, which is a freestanding building on slightly more than six acres, for several years. The sale was a value-added play for the Gardena-based firm, which had fully leased the multi-tenant building since acquiring it.

Batcheller tells GlobeSt.com that the property drew interest from more than a dozen prospective buyers. Buildings in the manufacturing and warehouse category continue to account for the largest portion of industrial activity in Orange County, according to the latest market report from CBRE.

In the third quarter, for example, the manufacturing and warehouse sector produced 3.3 million sf of the total of 3.7 million sf of sales and leasing in the quarter, the CBRE report says, while the R&D portion of the industrial market accounted for approximately 538,000 sf of the activity.

The manufacturing and warehouse segment also accounts for most of the new construction under way in Orange County, the CBRE report notes. With 26 buildings totaling 1.1 million sf of industrial space under construction in the third quarter of 2006, the manufacturing-warehousing sector accounted for approximately 86% of construction and the R&D sector 14%.