Overton Moore Properties and Pacific Coast Partners have entered into a $400 million joint venture with the New York State Teachers' Retirement System (NYSTRS) to buy industrial and manufacturing properties in Southern California. NYSTRS has committed $125 million to the venture, which will be called OMP Industrial LLC.
“We hope to leverage our relationships and knowledge of the in-fill markets to acquire $300 million worth of properties over the next 24 months,” says Timur Tecimer, president and COO of Overton Moore, which has $20 million worth of properties under contract through the venture.
The venture was seeded with four properties valued at more than $100 million, owned jointly by Overton Moore and Pacific Coast Capital. Totaling 1.8 million sq. ft., the properties — located in the South Bay and Mid-County submarkets — have been acquired, developed and repositioned by the two companies since 2002. All of the properties are 100% leased.
“We're bullish on the Southern California economy and will utilize our expertise, experience and reputation to make this a successful venture,” says Stan Moore, CEO of Overton Moore.