Overton Moore Properties has taken a step forward with plans to build two industrial buildings in Livermore.
The Torrance-based developer won approval from the city’s Planning Commission to build the 760,000-square-foot project on 71 acres of newly annexed land between West Jack London and East Stanley boulevards, the San Francisco Business Times reported.
The Livermore City Council must give the project final approval.
Two parcels, Surface Mining Permit 39 and Surface Mining Permit 40, cover the land near the Livermore Municipal Airport. They’re owned by Zone 7 Water Agency, a Tri-Valley water wholesaler, and “multiple mining companies,” according to city records.
Plans call for two industrial buildings on SMP 40, including a 470,600-square-foot warehouse and a 288,700-square-foot warehouse, with a combined 130 loading docks
Overton Moore has not filed plans for SMP 39, though an environmental study suggests big plans for the companion parcel. Conceptual plans call for 755,500 square feet in six light industrial buildings that would join the nearby Oaks Business Park at 625 Discovery Drive.
If both the SMP 39 and 40 plans pan out, Overton could develop 1.5 million square feet of industrial buildings in the Tri-Valley city.
The parcels were once part of 1,000 acres of unincorporated Alameda County land that has long been used for mining and water management. While still being mined, much of it has been targeted for redevelopment.
Amazon.com in September 2021 paid $70 million for nearly 60 acres for a future distribution warehouse.
The Tri-Valley industrial market along Interstate 580 last year had low vacancy and rising asking rates, according to Colliers, which the brokerage attributed to a lack of new construction and demand for warehouses.
Industrial vacancy in the Tri-Valley was 4.1 percent in the fourth quarter, though Livermore reported a tighter market at 3.4 percent.
Overton Moore, founded in 1972, developed Fremont’s 1.7 million-square-foot Pacific Commons South industrial campus, which in 2021 landed a $220 million refinancing loan. In August, it leased the last unoccupied building to a Chinese auto parts firm.
In April, the firm was approved to build a 262-unit, seven-story apartment complex in South San Francisco.
— Dana Bartholomew
Read more
Commercial
San Francisco
Overton Moore aims to plant 760K sf of industrial in Tri-Valley
Commercial
San Francisco
Overton Moore and Invesco land Chinese auto parts firm in Fremont
Development
San Francisco
Overton Moore plans 262 apartments in South San Francisco