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Overton Moore Raises Equity for $300M of CA Logistics Acquisitions
Logistics real estate developer and operator Overton Moore Properties (OMP), headquartered in Torrance, said Monday it had raised $150 million of equity capital to acquire existing industrial buildings in core markets throughout California. With leverage, this allocation provides $300 million of total acquisition capital.
“For years, OMP has been a leading developer of state-of-the-art logistics properties throughout the West,” said CEO and managing partner Timur Tecimer. “This capital allows us to acquire existing core assets, currently at historically favorable pricing, in the best markets in California.”
Added CIO Pete Cassiano, “While we remain committed to development, the regulatory and political environments in California continue to make development more challenging, particularly in in-fill markets. We believe this dynamic creates an excellent opportunity to expand our capabilities to acquire and manage core assets for cash flow and long-term appreciation.”
Founded in 1972, OMP currently owns a logistics portfolio of more than 20 million square feet across Southern and Northern California, Las Vegas, Phoenix and Salt Lake City.
Pictured: OMP’s recently acquired 19949 Kendall Dr. in San Bernardino.
- ◦Sale/Acquisition
- ◦Financing
