Overton Moore Properties Acquires 370,335 SF Building in the Inland Empire

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May 19, 2011, 02:28 ET

LOS ANGELES, May 19, 2011 /PRNewswire/ -- Overton Moore Properties (OMP), a privately held developer and investor based in Southern California, announced today that OMP Industrial III closed on the acquisition of Enterprise Distribution Center located at 3375 Enterprise Drive, Rialto, CA. The 370,335-square-foot Class A industrial building is situated on 16 acres and is less than 1 mile south of the I-10 freeway in Rialto, CA. The property features 32' clear height, 185' concrete truck courts, ESFR sprinklers and a fenced yard.

With this acquisition, OMP and its affiliates have closed on three transactions this year representing over 675,000 square feet and nearly 1.2 million square feet during the past six months. The property was acquired from Principal Real Estate Investors.

"This was a fantastic opportunity to acquire a Class A asset well below replacement cost in one of the most sought after and strongest industrial markets in the US. We believe rents will continue to grow as fewer options are available for users in the market," noted Timur Tecimer, President of OMP. OMP is actively acquiring assets with value add potential as well as land for future industrial development throughout California.

Bill Heim and Eloy Cova of Lee & Associates represented both OMP and Principal and they will market the project on behalf of OMP.

Overton Moore Properties (OMP), founded in 1972, is a privately held company specializing in real estate development, acquisition, master planning, marketing, asset management, property management, construction management, and financial reporting of industrial, office and mixed-use projects. OMP's long-term franchise value in the market, local market knowledge, deep relationships with tenants and the brokerage community, strong institutional relationships, and impeccable reputation have contributed to its success throughout the past 39 years.

Overton Moore Properties, 19300 S. Hamilton Avenue, Suite 200, Gardena, CA 90248 T. 310.354.2466 www.omprop.com

SOURCE Overton Moore Properties