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October 17, 2021
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LOS ANGELES COUNTY NEWS
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Overton Moore Properties Spends $35 Mil on Gardena Industrial Asset

9/20/21

Overton Moore Properties acquired a 10.8-acre site containing six, leased industrial/flex buildings totaling 262k sf of space in Gardena for $35.1 mil ($134/sf). Located at 1600 W 135th St, the property is situated within Los Angeles’ South Bay submarket and is currently fully leased to an undisclosed aerospace tenant.

Currently containing six small and mid-size industrial/flex buildings of approximately 63k sf, 53.6k sf, 53.2k sf, 49.9k sf, 23.9k sf, and 13.3k sf on a single location, the site provides a very unique offering given the fact the buildings are primarily composed of 45’ – 55’ clear heights, column free, fully HVAC’d buildings that can accommodate a production user or another R&D / flex manufacturer and corporate offices.

The property is conveniently accessible to the Los Angeles freeway network, including within minutes of the Interstate 110 and 105 interchange and proximate to Highway 91/Artesia Blvd and Interstate 405. It is also well positioned near the Ports of Los Angeles and Long Beach. There are also several retail, entertainment and recreation amenities either walkable or within a short drive.

Mike Condon Jr., Erica Finck, Bailey Dawson, Brittany Winn and McKenna Gaskill with Cushman & Wakefield represented the seller, SGL Global.

Following the closing, Overton Moore Properties will be marketing the entire existing facility for lease, an assignment being led by Condon, Winn and Gaskill. Pending the outcome of that leasing effort, the new ownership may aspire to process entitlements for the new development of two, modern Class A industrial manufacturing buildings of approximately 200k sf and 42k sf, which would supplant the existing structures on the site.

Discussing the deal, Condon Jr. commented, “The sale of the Gardena campus shows the continued and insatiable appetite from investors to acquire large scale, infill industrial sites, most specifically in the South Bay submarket. Overton Moore’s proven track record of success in developing complicated sites in the city of Gardena was in the end what won them the day and we are thrilled at another full cycle of deals consisting of land acquisition, leasing, and eventual disposition with their team.”

“The other interesting component to this deal is what the end user profile might look like,” Condon added. “At the outset of the marketing process our team predicted a full scrape and redevelopment of the site to modern industrial. But through the process, OMP took notice of an emerging trend towards production (the Los Angeles version of life science) and an influx of R&D tech tenants that can potentially reuse the existing high bay and bow truss improvements.”





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