Torrance-based industrial and office investor Overton Moore Properties has acquired a six-building industrial complex in neighboring Gardena.
The firm paid seller SGL Global $35.1 million for the 10.8-acre property at 1600 West 135th Street, according to the Commercial Observer. The complex totals 261,950 square feet and is fully leased to aerospace and defense firm Avcorp.
Overton has big plans for the property. The firm will put up the site for lease and potentially seek approval for two new buildings totaling 242,000 square feet.
Cushman & Wakefield’s Mike Condon Jr., who was on the marketing team for the property and was hired by Overton Moore to lease it, suggested they will look for production or tech tenants “that can potentially reuse the existing high bay and bow truss improvements” of the buildings. He said the team aims to “chase a few unique users before pivoting the leasing focus to more traditional industrial users.”
Overton Moore owns and develops properties as far north as the San Francisco Bay Area. The firm recently secured a $220 million loan to build one of the region’s largest industrial projects.
The firm struck several large deals in 2019, starting with the sale of a 15.9-acre industrial site to a fund tied to UBS Realty. A few months later, Overton sold a Redondo Beach property to Los Angeles Times owner Patrick Soon-Shiong and secured approval for a 61-acre business park development in Burbank.
Then, in the fall of 2019, Overton sold an under-construction warehouse in the San Fernando Valley to an affiliate of Monster Beverage Corp.
[CO] — Dennis Lynch