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GARDENA, CA-Overton Moore Properties has acquired two industrial buildings totaling 478,884 sf for $23 million, according to company officials.

The two properties are the 263,568-sf Paramount Distribution Center at 14001 Orange Ave., which OMP bought from the A.M. Castle Corp. for $11.5 million and a 215,316-sf building at 301 Walnut Ave. in Compton that OMP purchased from the Howard Organization for $9.5 million.

A.M. Castle has committed to a long-term lease at Paramount Distribution Center for 60% of the building and OMP will lease out the balance of the building within the next 12 months after significant improvements are made to the buildings, says Timur Tecimer, President of OMP. The 301 Walnut Ave. building is 100% occupied by Service Corp. The Paramount property was built in 1979 and the Compton building was completed in 1972. Tecimer says the purchases indicate OMPs belief in the long-term potential of infill properties in Southern California.

Kevin Shannon of Grubb and Ellis represented the buyer and seller at 301 Walnut and Jack Whalen of McKinney/Travers represented the buyer and seller at Paramount Distribution Center.

The building purchases are the latest in a series of significant industrial deals announced by Gardena-based OMP, which earlier this month kicked off construction of Citadel Business Center, a 24-acre, $43-million, 482,000-sf industrial project that it is developing in the City of Commerce with New York City-based ING Clarion Partners. The project will consist of 10 free-standing industrial buildings for lease or sale, five of which are already in escrow.

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