|By PR Newswire||
|May 6, 2013 09:35 AM EDT||
LOS ANGELES, May 6, 2013 /PRNewswire/ -- Overton Moore Properties (OMP) a real estate developer and investor announced today the acquisition of 40.5 acres in Fremont, CA. The property situated along more than 3,600 feet of freeway frontage on the I-880 Freeway at the Dixon Landing exit will be called The Crossings @ 880. The Crossings @ 880 will consist of three state of the art industrial buildings representing 700,000 square feet. With over 168,000 traffic counts a day along I-880, The Crossings @ 880 will be marketed to Silicon Valley users looking for easy access to Highway 237, Class A best in class facilities, corporate users looking to establish a high identity headquarters location with prominent visibility, and distribution users who want immediate access to the I-880 and infill markets within the San Francisco Bay Area.
The three buildings will range from 175,000 to 315,000 square feet and feature attractive storefront entry's, mature landscaping, clear story glass wrapping around the buildings, dock high loading, 145-150' truck load courts, 30-32' clear height, ESFR sprinkler system, extra trailer storage and parking counts up to a 2/1000 for manufacturing users.
"This land acquisition is a unique opportunity that surfaces once every ten years. The location, size of parcel and freeway access is tremendous and we are very excited to re-enter the Fremont market," noted Timur Tecimer, President of OMP. Site work will commence in August 2013 with delivery of the buildings in the second quarter of 2014. Tecimer added, "With a land acquisition at $8,150,000, OMP will have a significant cost advantage compared to new competitive projects in the planning or development stages."
OMP acquired the property from King & Lyons. Both parties were represented by Rob Shannon, SIOR, CCIM from the CBRE San Jose office. Mr. Shannon will be the exclusive leasing agent for the project along with Joe Kelly. Shannon offered, "This project is the perfect combination of great sponsorship, a fabulous location and timely delivery to address the growing need for advanced manufacturing facilities for both domestic expansion and the re-shoring of current overseas functions." The Crossings @ 880 is a joint venture between OMP and Chicago based, LaSalle Investment Management. The architect for the project is Ware Malcolm.
Ranked among the largest real estate developers in Los Angeles, Overton Moore Properties (OMP) 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, local market knowledge, deep relationships with tenants and the brokerage community and strong institutional relationships have contributed to its success throughout the past 35 years. In 2012, OMP developed more than 1.5 million square feet of spec industrial buildings in California. OMP has constructed and acquired more than 34 million square feet of office, industrial, and mixed-use space, developing more than 1,598 acres of raw land throughout Southern California. The firm also owns and manages over 6 million square feet of space in the region.
SOURCE Overton Moore Properties