Overton Moore Properties Sells 132,655 SF

POMONA, CA-Gardena, CA-based Overton Moore Properties sold the final industrial building at its Empire Gateway Business Center at 2303 Mt. Vernon in Pomona to Pearson Food Co. Inc. The 132,655-square-foot industrial building located on 5.94 acres also features 7,500 square feet in office space.

This sale completes the final of four buildings recently sold in the project. In 2009, buildings one and two at 2280 and 2288 Valley Blvd., representing 9,251 square feet and 8,579 square feet respectively, were sold to local users. Building three at 389 Humane Way, representing 95,604 square feet was recently sold to Roxy Realty Investment LLC for an undisclosed amount, as GlobeSt.com previously reported.

“OMP is pleased to sell the final building in Empire Gateway Business Center,” says Jason Hines, vice president of OMP, in a prepared statement. “Despite challenging market conditions, this sale is an example of considerable user demand for well designed buildings.”

He points out that with much of its inventory sold, the company “remains well positioned to acquire existing buildings and execute new development opportunities.”

OMP tells GlobeSt.com that the price of the final building was nearly $8.8 million. OMP was represented in this transaction by Stuart Milligan, Phil Lombardo, and Ty Newland of Cushman & Wakefield Inc. and David Wu of Grubb & Ellis Co., represented the buyer.

The entire industrial park is comprised of 246,089 square feet on a total of 11.94 acres with construction completed in 2008 on all four buildings. That construction was in 2007 by a $17.3 million financing, which was a two-year, nonrecourse, interested-only construction loan at 70% loan-to-cost, as GlobeSt.com reported at the time. All four buildings are on separate parcels.

OMP, formed in 1972, and has developed or acquired more than 30 million square feet of office, industrial and mixed-use space throughout Southern California.