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CITY OF COMMERCE, CA-Overton Moore Properties of Gardena has sold all 10 industrial buildings in its recently completed, 482,000-sf Citadel Business Center for an aggregate of $40 million. All 10 of the buildings, ranging from 18,000 sf to 150,300 sf, were sold to owner users, reports Timur Tecimer, president and COO of OMP, which developed the business center in a joint venture with ING Clarion. The project represented one of the largest infill developments in Los Angeles County during the past year and one of the largest industrial projects in the City of Commerce in 20 years. The business park is located less than a mile northeast of Interstate 5 (Santa Ana Freeway) at Smithway Street and Leo Avenue, adjacent to the Citadel Outlet Center.The Cushman & Wakefield team of John McMillan, David Hess and Jeff Sanita brokered the sales of all of the buildings. Hess reports that all of the sales were in escrow before the completion of construction. The buildings were sold mainly to small and mid-sized manufacturing and import/export companies that were moving up from older buildings in the surrounding area, according to Hess. In the largest transaction, a Downtown Los Angeles knitting company, purchased the 150,300-sf building at 5821 Smithway. The buyer was represented by Bart Pucci of CB Richard Ellis and Paul Sablock of Colliers Seeley International. OMP acquired the site in August of 2002 from Pacific Tube Co. The site once was a manufacturing plant for the steel industry that in its heyday employed 600 workers. The plant closed in early 2002. OMP initially sold 12 acres of land to the City of Commerce Redevelopment Agency for the expansion of the Citadel for $7.5 million and also repositioned and sold a 212,000-sf industrial building for $9.2 million. The speculative industrial buildings sold for an average of $80 per sf and ranged from $71.50 to $87 per sf. OMP performed extensive environmental testing and remediation, bringing in two lenders who reviewed the environmental data and lenders letters of commitment on the site for potential buyers. When requested, OMP also named buyers and their lenders as named insured on a comprehensive environmental insurance policy. Designed by Irvine based GAA Associates, Citadel Business Center was built by Millie & Severson. OMP, formed in 1973, is one of the largest developers in Los Angeles County. The privately held real estate company has developed or acquired more than 28 million sf of office, industrial and mixed-use space throughout Southern California.

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