Overton Moore Sells 240,000 SF for $39M

SEAL BEACH, CA-Overton Moore Properties of Los Angeles has sold three buildings totaling 240,089 sf at its Pacific Gateway project here to three separate buyers for a combined $38.8 million, according to Timur Tecimer, president and chief operating officer of OMP. The three buyers, all relocating from Los Angeles County to the Orange County project, are Affliction Clothing, Magtek and Jerry Turpanjian, a principal of a firm called Amonix that is leasing the building from Turpanjian.

Affliction clothing, a manufacturer, bought a building at 1779 Apollo Court where it is relocating its headquarters from Signal Hill. Amonix is a designer and manufacturer of photovoltaic power systems that will move into a building at 1709 Apollo Court, and Magtek is an electronic transaction technology firm that has acquired a building at 1710 Apollo Court in a relocation from Carson. The deals bring the occupancy of the development to six of 10 buildings sold, representing 450,000 sf of the 44-acre project’s total of 831,000 sf of industrial and office space.

Both Tecimer and Brian DeRevere, a senior vice president with CB Richard Ellis who is marketing the project for OMP, say that sales at Pacific Gateway Business Center show momentum despite the generally slowing momentum of commercial property sales in 2008. In addition to Devere, the CBRE team that is marketing the project includes John Schumaker, Ryan Peterson, Jeff Morgan and Bob Goodmanson.

Overton Moore designed the Pacific Gateway, which is one of the largest new industrial developments in Orange County, to incorporate 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.