Developer Acquires 7.5-Acre Entitled Land Site in San Fernando Valley

Overton Moore Properties (OMP) has purchased a near eight-acre entitled land site located in the San Fernando Valley from United Technology Corp. The site is located at in the Southeast corner of De Soto Avenue and Nordhoff Street in the San Fernando Valley. The land is zoned for retail and industrial uses. Timur Tecimer, CEO of OMP, is particularly excited about this acquisition because large vacant parcels of land such as this one are rare in any region of the San Fernando Valley. OMP has been tracking this site for over ten years.

OMP plans for the space include building four industrial condominiums and retail space, with an estimated start date of September 1st. OMP hopes to finish the development by the first quarter of 2015. Construction will consist of 17,000 square feet of retail space on-site, with leases already completed with Farmer Brothers and El Pollo Loco as anchors for the space.

For the industrial portion, construction will consist of 112,500 square feet for the four condominiums being erected. OMP has previous experience developing industrial projects – the developer built the Northridge Business Center, an industrial 16 for-sale units project, in 2005. Features for the new condominiums include fenced yards, dock-high loading and 120-foot truck boards equipped with 10% mezzanines. The units will range from 25,000 to 30,000 square feet.

Sources:

http://www.cnbc.com/id/101825994

http://www.globest.com/news/12_899/losangeles/development/8-Acre-Entitled-Site-Trades-Hands-348153.html

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