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Overton Moore Properties Announces Completion & Sale of Citadel Business Center
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Added: 06/09/2004
Type: Summary
Viewed: 642 time(s)
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Overton Moore Properties Announces Completion & Sale of Citadel Business Center
Overton Moore Properties (OMP) today announced the completion and sale of the last building at Citadel Business Center, a 47-acre infill development in Commerce, CA The project represented one of the largest infill developments in Los Angeles County during the past twelve months. OMP developed 482,000 square feet of speculative industrial buildings, consisting of ten buildings ranging from 18,000 to 150,300 square feet. OMP The entire project was sold to owner users, reported Timur Tecimer, OMP President & COO. Citadel Business Center is a joint venture between OMP and ING Clarion.
“From day one, we knew this was a tremendous infill opportunity located in the center of the Los Angeles basin, noted Timur Tecimer, President & COO of OMP. “We are obviously delighted with the results and we couldn’t have timed the completion of the project better with the low interest rate environment and lack of buildings for sale.” he added.
OMP acquired the site in August of 2002 from Pacific Tube Company. The site once was a thriving manufacturing plant for the steel industry that in its heyday had 600 jobs. The plant closed down 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 square foot industrial building for $9.2 million. The speculative industrial buildings sold for an average of $80 per square foot and ranged from $71.50 to $87.00 per square foot. The project will add over 400 jobs to The City of Commerce and provide substantial tax increment dollars to the redevelopment agency.
“The strategy for the development of the project was to respond to market demand by making the project highly flexible”, noted Rooney Daschbach, Senior Vice President of Marketing for OMP. OMP designed ten buildings with multiple sizes, provided extensive truck courts, 24’ clear, attractive architectural design and ESFR sprinkler systems.
Excluding the 150,300 square foot building, the average building size was 37,000 square feet. OMP also offered the buildings for lease or sale. Finally, since the project had a history of environmental contamination, OMP performed extensive environmental testing and remediation. OMP brought in two lenders early on who reviewed the environmental data and lenders letters of commitment on the site for potential buyers. Furthermore, when requested, OMP named buyers and their lenders as named insured on a comprehensive environmental insurance policy.
Cushman and Wakefield represented OMP on the sale of the buildings. “The team of Dave Hess, John McMillian and Jeff Sanita did an terrific job in marketing the project and identifying potential buyers for the buildings, noted Daschbach. C&W was instrumental in the success of the project, he added.
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 specializes in development, master planning, property management, marketing, construction management and financial reporting. OMP has developed or acquired over 28 million square feet of office, industrial and mixed-use space throughout Southern California. |
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