Colliers Arranges the Sale of an Overton Moore Properties Build-to-Suite Property
In a Transaction Valued at $23.4 Million, Pomona Logistics Facility Sells to Electronics Distribution Firm
Colliers International has completed the $23.4 million sale of a new, state-of-the-art logistics facility developed in Pomona, California by Overton Moore Properties (OMP) as a build-to-suit project for one of the nation’s largest distributors of electronic parts.
Located at 2205 Mt. Vernon Ave., the 238,000-square-foot facility was built to suit the needs of a leading North American distributor of high-quality electrical components, equipment and materials used in a variety of industries. This latest acquisition will become an integral part of the company’s existing, 250-location national logistics network.
Colliers Senior Vice President Phil Norton, who is based in the brokerage firm’s Commerce office, represented the electronics distribution firm in the transaction along with Newmark Grubb Knight & Frank’s Rick Sheckter. OMP was represented by Colliers’ Tom Taylor and Steve Bellitti, both based in the firm’s Ontario office.
“With vacancy levels for industrial properties in the San Gabriel Valley and the entire Southern California region at record low levels, and demand far outstripping the existing supply of buildings, this type of build-to-suit formula can be the answer for many companies seeking space here,” said Norton. “As the economy improves and financing becomes more readily available, we should see an increase in this type of project.”
The building itself is comprised of 208,000 square feet of industrial warehouse and distribution space with 30,000 square feet of office space for administrative purposes. It is centrally located near the San Bernardino (I-10), and Pomona (SR 60) freeways and the Corona Expressway (71), which also was a major consideration for Graybar.