Overton Moore Properties pays $35.1 million for Gardenia industrial site: Potential future redevelopment plans

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Cushman & Wakefield (C&W) says the firm has brokered the investment sale of a 10.8-acre site with six, leased industrial/flex buildings in Gardena. The property at 1600 W 135th St. is currently fully leased to an undisclosed aerospace tenant, totaling 261,950 sq. ft. of improvements.

Overton Moore Properties (OMP) acquired the site for approximately $35.1 million.

The developers will be marketing the entire property for lease, the broker says. “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 200,000 sf and 42,000 sq. ft., which would supplant the existing structures on the site,” the broker says in a Sept. 14 statement.

“At the outset of the marketing process our team predicted a full scrape and redevelopment of the site to modern industrial,” C&W vice-chair Mike Condon Jr. said. “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. We are excited at the opportunity to chase a few unique users before pivoting the leasing focus to more traditional industrial users and the in-place lease affords us some time to be creative in our pursuit of a unicorn tenant.”

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