Old Industrial Project Acquired by Real Estate Company

February 11, 2011 / Albert Hamon, Mergers and Acquisitions Reporter

A privately held company, Overton Moore Properties, has recently acquired an industrial project in California. The industrial project — the OMP Painter Commerce Center, is a two-building multi-tenant property located at Santa Fe Springs, a city in Los Angeles County. Recently, in North Carolina, the HTA or the Healthcare Trust of America has purchased its second commercial property acquisition for 2011, a medical office park located in Cary, a suburban town in Raleigh.

Old Industrial Project Acquired by Real Estate Company

The medical office park acquired by HTA is called Medical Park of Cary, which consists of nine multi-tenant office buildings, with a total of about 153,000 square feet.

OMP Painter Commerce Center, the industrial project acquired by Overton Moore Properties has 214,614 square feet, the total space of the two buildings.

The industrial project’s two-buildings sat on 8.9 acres of space.

Overton Moore has been in the business for about 38 year. The company specializes in real estate development, construction management, property management, asset management, marketing, master planning, acquisition, and financial reporting of office, industrial, and mixed-used properties.

According to the Vice president at Overton Moore Properties, Jason Hines, the acquisition of the industrial project shows how to creatively transform a functionally obsolete and old property into today’s standard of functional commercial property.

The Painter Commerce Center, according to company information, is currently undergoing major and intensive renovations and redevelopment to transform it into an investor-attractive multi-tenant property, with high-dock loading and modern features.

Overton Moore’s approach in choosing to acquire existing building, said Hines, is to reduce landfill waste and promote environmental sustainability, as well as preserving energy that may be used in constructing new buildings.

Bill Napier from Told Partners represents the OMP and the seller of the industrial project on the transactions.

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