547,000-Square-Foot Tenant Sails Into Overton Moore's Port Facility; $36 Million Lease.

Business & Real Estate Editors

LOS ANGELES--(BUSINESS WIRE)--Dec. 4, 2000

Executing the South Bay's largest-ever industrial lease transaction -- an 11-year lease valued at more than $36 million -- Overton Moore Properties (OMP) today announced its first tenant at the 1.9 million-square-foot Port Los Angeles Distribution Center in San Pedro.

OMP is developing the project in partnership with Pacific Coast Capital Partners.

Performance Team Freight Systems (PTFS) and its sister company, Gale Triangle, Compton, will occupy two structures totaling 547,000 square feet, reported Don Koch, OMP vice president of marketing. The company will move in by the first of the year, added Koch.

"The facility is ideal for our operations, which require ready accessibility to the port and freeway," said Michael Kaplan, president and chief executive officer of PTFS, a division of Triangle Network, a national firm that serves the garment industry and retailers. Speed, he said, is a critical element of the company's business, which entails warehousing, shipping, consolidation and delivery to distribution centers.

Located at 300 and 400 Westmont Drive, the buildings are readily accessible to the port -- the key factor in the firm's location decision, Kaplan added.

Highlighted by state-of-the-art early suppression fire prevention systems and large truck courts, the buildings -- one 340,567 square feet, the other 207,000 square feet -- both provide 30-foot-high clear bays.

Tres Reid, first vice president of CB Richard Ellis, who represented both parties, said: "It was one of those perfect matchups where the location, the amenities and the client's timing were all in synch. Our team, who included Ken Carey and Greg Dyer, has been working on this project with Performance for the past 18 months and were thoroughly familiar with all of its requirements."

Interestingly, noted Koch, the buildings in Compton that Performance currently occupies were originally developed and owned by Overton Moore.

Construction on the second phase of the $90 million Port Los Angeles Distribution Center will start around the first of the year, he said. It will include two state-of-the-art buildings that provide 1,256,000 square feet.

The concrete buildings are designed for single or multi-tenant use, he said.

One of the five largest developers in Los Angeles County, OMP, formerly Overton, Moore & Associates, reorganized its corporate structure this year and now has as its partner Pacific Coast Capital Partners, an affiliate company of the venerable Wall Street investment banking firm of Lehman Bros.

The developer currently owns and/or manages more than 9 million square feet in Los Angeles County.