(To read more on the industrial market, click here.)
MONTEBELLO,CA-Overton Moore Properties of Gardena has either sold or entered escrow on 10 of the 17 industrial condominiums at its Montebello Business Center before or soon after completion of construction, according to Timur Tecimer, president of the development and investment firm. The project is part of a nine-acre site along the Santa Ana Freeway at Telegraph Road that OMP acquired from the Elston Corp. in April 2005.
Tecimer says that the strategy for the development was to respond to market demand by developing a type of product that didn't exist in the submarket. The 17 units at the 111,000-sf Montebello Business Center range from 3,657 sf to 23,422 sf and are designed to fit the needs of a variety of industrial, service center, retail and other types of users.
Seven of the 17 units were pre-sold and three units are in escrow and expected to close within the next 30 days. The listing brokers for the development include Dave Hess and Mike Foley of Trammell Crow Co., along with John McMillan and Jeff Sanita of Cushman and Wakefield.
The architect for the project is Martinez Design group, with Millie & Severson as the general contractor.
In addition to the development parcel for the Montebello Business Center, the nine-acre site consists of a 115,000-sf distribution building that Overton Moore sold earlier this year to Clean Sweep Supply. When Overton Moore acquired the nine-acre site in 2005, the site included the 115,000-sf building and excess land, which is where the developer built the new industrial condominiums.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
