FONTANA, CA—Overton Moore Properties has completed three distribution facilities here and in Moreno Valley, Calif. totaling 1.4 million sq. ft., including a sale of a center for $29.6 million.
The OMP Fontana Logistics Center, a 419,823 sq. ft. distribution building in the Southwest Industrial Park here, was sold at completion to Santa Fe Springs-based Coaster Co. of America. The buyer is an importer and distributor of furniture in the United States and Mexico since 1972.
Timur Tecimer, CEO of Overton, says that his firm developed these projects early on in the market cycle to take advantage of low land acquisition and construction costs. HE says Overton has an additional 1.1 million sq. ft. in their development pipeline for 2013.
"OMP is delighted with the sale to Coaster and it demonstrates the strength of the industrial market in the Inland Empire,” Tecimer says in a statement. “Low cost financing is attracting users to buy vs. lease throughout Southern California. The Inland Empire submarket of the greater Los Angeles Industrial market is one of the most active markets in the US with over eight million sq. ft. of completions in 2012 and an additional 6.5-7 million sq. ft. under construction in 2013.”
Steve Sprenger, Randy Lockhart, Mark Kegans and Ron Washle with Newmark Grubb Knight Frank represented Overton in the deals.