LOS ANGELES, July 10, 2014 /PRNewswire/ -- Continuing on its focus to acquire infill development sites within the greater Los Angeles basin, Overton Moore Properties (OMP), a real estate developer and investor announced today the acquisition of 7.5 acres of retail and industrial zoned land in the City of Los Angeles, CA. The property is at the Southeast corner of DeSoto and Nordhoff in the San Fernando Valley. OMP will develop 17,000 square feet of retail space anchored by Farmer Brothers and El Pollo Loco on the retail site. The retail site also includes 10,200 square feet of shop space that will be leased by quick service retail and other business service tenants that will serve the surrounding business community. In addition, OMP will develop four industrial/warehouse buildings on separate lots totaling 112,500 square feet. Each of the industrial buildings will have 28' clear heights, 120' truck courts, fenced yards and high calculated sprinkler systems, all a rarity for buildings in the 25-30,000 square feet range in this submarket.
The San Fernando Valley submarket within the City of Los Angeles is one of the tightest and land constrained submarkets in Los Angeles County. "We've been tracking this site for over ten years and it's one of the last vacant sites available in the area. The demand for new retail and industrial product at our site has surpassed our expectations," noted Timur Tecimer, CEO of OMP. OMP will commence grading within forty-five days and complete the project by the end of the first quarter of 2015.
OMP acquired the property from United Technology Corporation. Both parties were represented by Matt Hargrove, Executive Vice President of Global Corporate Services at CBRE. Bennett Robinson from CBRE will be representing OMP on the industrial portion of the site and Richard Rizika and Mitchell Hernandez from CBRE will represent OMP on the retail portion of the site. The architect for the project is HPA and Norm Wilson and Sons will be building the project for OMP. Wells Fargo N.A. provided the construction financing for the project.
Ranked among the largest real estate developers in Los Angeles, Overton Moore Properties (OMP) is a privately held company specializing in real estate development, acquisition, master planning, marketing, asset management, property management, construction management, and financial reporting of industrial, office and mixed-use projects. OMP's long-term franchise value, local market knowledge, deep relationships with tenants and the brokerage community and strong institutional relationships have contributed to its success throughout the past 41 years. OMP has constructed and acquired more than 36 million square feet of office, industrial, and mixed-use space, developing more than 1,598 acres of raw land throughout Southern California. The firm also owns and manages over 6 million square feet of space in the region.
For more information, please visit: www.omprop.com
CONTACT: Tara Langton
Overton Moore Properties
- Real Estate