Gardena’s Overton Moore Properties is buying a 50.3-acre site in Seal Beach where 13 industrial buildings are planned.
Overton is buying the land from Irvine-based Boeing Realty Corp., the real estate arm of Boeing Co.
Boeing Realty already has laid plans at the site for Pacific Gateway Business Center, which calls for 830,000 square feet of industrial space. The site also includes additional undeveloped land.
Terms of the sale weren’t disclosed.
Boeing still owns 45 acres next to the site, about a mile from the San Diego (I-405) and Garden Grove (22) freeways. The land is considered prime for industrial use with its proximity to the ports of Long Beach and Los Angeles.
Overton is a big Southland industrial developer. It focuses on masterplanned business parks, distribution centers and factories.
In Orange County, the company developed the 1.3 million-square-foot CommerceCentre@Buena Park, an industrial park that’s home to some of the county’s largest warehouses.
Timur Tecimer, Overton Moore president, said that the company plans to begin development in Seal Beach later this year. The buy was a chance to get land for industrial development, which is increasingly scarce in OC.
Pacific Gateway Business Center calls for buidings ranging from 54,000 square feet to 184,000 square feet, according to a site plan being marketed by CB Richard Ellis Group Inc.
Boeing Realty has been selling off excess company land at several sites in California in recent years, including in Long Beach and Huntington Beach.