On Monday, logistics real estate company Overton Moore Properties (OMP) announced that it has successfully raised $150 million in equity capital. This funding will be used to acquire existing industrial buildings in key markets throughout California. When combined with leverage, this amount provides a total of $300 million for OMP’s acquisition efforts.
According to CEO and managing partner Timur Tecimer, OMP has been a top developer of modern logistics properties across the western region for many years. The new capital infusion will enable the company to purchase core assets at favorable prices in California’s best markets.
Chief Investment Officer Pete Cassiano added that while development remains an important focus for OMP, current regulatory and political challenges make it more difficult in certain areas such as infill markets. As a result, the company sees great potential in expanding its capabilities to acquire and manage core assets for both cash flow and long-term appreciation.
Founded back in 1972, OMP currently owns over 20 million square feet of logistics space across Southern and Northern California as well as Las Vegas, Phoenix,and Salt Lake City. One recent addition is their newly acquired property located at 19949 Kendall Dr.in San Bernardino (pictured).
