PHOENIX—Overton Moore Properties (OMP) acquired a new asset under its newly formed venture with Pacific Coast Capital Partners and an institutional partner. The venture is committed to acquire $80 to $100 million of industrial real estate in the Phoenix market within the next two to three years.

OMP, formed in 1972, is a privately held real estate company specializing in development, acquisition, master planning, asset management, property management, marketing, construction management and financial reporting of commercial properties. OMP has developed or acquired more than 35 million square feet of office, industrial and mixed-use space in its 42 year history.

OMP announces its first acquisition in the Phoenix market—a 127,680-square-foot warehouse facility located at Freeport Center, 420 S. 53rd Ave. in Phoenix for $6.95 million. The price included a 2.09 acre land parcel adjacent to the building. The property was 50% leased at the time of sale.