Overton Moore Eyes Further Phoenix Deals
California-based Overton Moore Properties has filled the remaining vacancy of its 128k SF Freeport Center at 420 S 53rd Ave, inking a deal with CFA Cabinetry. Now it’s on the prowl for even more industrial acquisitions in Phoenix, following its February purchase of the then-50% vacant property for nearly $7M. VP Jason Hines tells us it’s looking for similar value-add opps, ranging from $5M to $25M. It formed a JV with Pacific Coast Capital beginning with that deal and plans to spend up to $100M here, he says. OMP is particularly bullish on Phoenix’s housing recovery, which'll continue to grow industrial, he says, and the city’s friendly biz climate is attracting manufacturers and other industrial tenants. (Our authentic Mexican food can't hurt either.)
Freeport Center is a Class-B, ‘80s-era property that had some deferred maintenance, Jason says, but was attractive because of its 30’, clear-height ceilings, good access to transportation, and its location in the Riverside tax district (i.e., low property taxes). Its other tenant, Blue Line, has a leased signed until 2016. The property also came with two additional acres; Jason says while it’s not searching specifically for land deals, it will take extra land with buildings to either build spec, a build-to-suit, or entitle and sell off. Jason is heading to Mammoth soon for some snowboarding, capping off a winter full of snowy trips, while also training for a few triathlons. He also loves to travel—his last stops being Brazil and Costa Rica—and is contemplating his next adventure.