POMONA, CA-Overton Moore Properties of Gardena has kicked off construction of its 246,103-sf Empire Gateway industrial project with a $17.3 million loan that was arranged by George Smith Partners of Century City. The new OMP development, called Empire Gateway Business Center, will feature four class A light industrial buildings at the corner of Humane Way and Valley Boulevard in Pomona.
The project, which is slated for completion in early 2008, will feature a unique design with feng shui components as a key point of distinction, according to Scott Bottles, principal with George Smith Partners. Bottles, along with Wayne Choi and Brian Bergfield of George Smith Partners, arranged the financing.
Buildings one and two of Gateway Business Center will comprise 9,258 sf and 8,586 square feet, respectively, of industrial flex space with 2,000 sf of office/mezzanine space. Buildings three and four will be 95,604 sf and 132,655 sf, respectively, best suited for use as industrial warehouse, distribution or light assembly facilities.
The $17.3 million financing is a two-year, nonrecourse, interest-only construction loan at 70% loan-to-cost.
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