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LOS ANGELES-Overton Moore Properties, Pacific Coast Capital Partners and the New York State Teachers Retirement System have formed a joint venture called OMP Industrial LLC that plans to assemble a $400-million portfolio of manufacturing properties in Southern California over the next two years. Timur Tecimer, president and COO of Gardena-based Overton Moore, tells GlobeSt.com that NYSTRS has committed $125 million to the venture, which is called OMP Industrial LLC. The Los Angeles office of Holliday Fenoglio Fowler LP will advise OMP on the joint venture, and JP Morgan Fleming Asset Management will advise NYSTRS. The venture will target industrial properties in in-fill submarkets throughout the Southland with a view to repositioning and rehabilitating them, Tecimer says. He tells GlobeSt.com that OMP and PCCP will contribute $100 million of existing Southern California properties to the venture and will also invest additional equity toward acquiring the new assets.The new venture has already identified two properties valued at approximately $20 million that it has under contract and expects to acquire, including a 117,000-sf facility that typifies the properties OMP and its partners will be pursuing. Tecimer explains that the 117,000-sf property has been used for years as a steel cuttingand distribution facility. OMP’s plan is to convert the property to an industrial warehouse in a value-added play, Tecimer tells GlobeSt.com. Although the new venture will primarily be focusing on value-added deals, he says, it will also consider stabilized properties.The $100 million of existing assets that OMP and PCCP will contribute to the venture total 1.8 million sf in four properties that the two companies have acquired, developed and repositioned in the South Bay and Mid-County submarkets during the past 2.5 years. The properties are currently 100% leased.OMP, formed in 1973 is one of the largest developers in Los Angeles County. The privately held real estate company specializes in development, master planning, property management, marketing, construction management and financial reporting. OMP has developed or acquired more than 28 million sf of office, industrial and mixed-use space throughout Southern California.

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