(To read more on the industrial market, click here.)

SEAL BEACH, CA-Overton Moore Properties has completed phase one of the Gardena-based developer’s Pacific Gateway Business Center, a 44-acre project totaling 830,000 sf of industrial and office space. Phase one of the development comprises six industrial buildings totaling 626,444 sf.

The project, one of the largest new industrial developments in Orange County, incorporates a hybrid building type that bridges light industrial and office uses together for tenants who want to consolidate corporate business and operations such as warehousing, distribution, light manufacturing and assembly. The development site is at the intersection of Seal Beach Boulevard and Westminster Avenue, a property that Overton Moore acquired from Boeing Realty Corp.

Overton Moore has sold one of the buildings, a 45,225-sf property at 1701 Adolfo Lopez Dr., to Farmers & Merchants Bank. In addition, the company is negotiating several leases and purchase and sale agreements for phase one and phase two, notes Brian DeRevere, a senior vice president with the Anaheim office of CB Richard Ellis.

DeRevere was part of a CBRE team including Bob Goodmanson, John Schumacher and Jeff Morgan that represented Overton Moore in the sale to Farmers & Merchants, with the buyer represented by Greg Gill of the Charles Dunn Co. Activity to date has been strong and the CBRE team expects to have a few more deals announced within the next 30 to 60 days, DeRevere says.

The development site is both rare and well located, according to Timur Tecimer, president and COO of Overton Moore Properties. He cites the “extreme demand for new industrial space” in the West Orange County market.

Overton Moore and the team from CBRE are targeting companies from both Los Angeles and Orange County as potential tenants because of the central location of the project. The marketing team is promoting the proximity to the ports of Los Angeles and Long Beach as well as access to the 405, 605 and 22 freeways and the Long Beach and John Wayne Airports.

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