Oakmont Plans Value-Added Play

COMPTON, CA-Oakmont Industrial Group of Atlanta has purchased a 51,500-sf building at 1800 Anderson St. called Anderson Logistics Centre and plans to rehab, reposition and expand the property in a value-added play, according to Tim Howard, Oakmont’s Los Angeles partner.The property is about half a mile from the 91 Freeway and less than 10 minutes from the ports of Los Angeles and Long Beach. Oakmont plans what it calls an extensive, $7 million expansion and rehab project that will increase the size of the facility to 83,161 sf, with completion planned for the second quarter of 2005. The finished building will feature 24-foot clear height, 17 dock positions and a secured yard with 20 trailer storage spaces.Don Smith and Craig Poropat, with the South Bay office of Lee & Associates brokered the transaction. Smith noted that the seller selected Oakmont from 12 prospective buyers because of the Atlanta firm’s aggressive terms and a commitment to close the deal. The Smith/Poropat team will also handle the marketing assignment for Oakmont, which will offer the building on both a for-sale or for-lease basis. Richard Rider, Oakmont’s president, says the repositioning typifies the kind of deal that the Atlanta-based company pursues in Los Angeles, which is one of a number of mature, in-fill submarkets across the country where Oakmont has value-added plays in the works. The company is a privately held industrial real estate development and management specialist that was founded in 1996 and formed an investment partnership in 2002 with Dallas-based Hunt Realty Corp., a division of Hunt Oil Co.