LIVERMORE — A big chunk of land in Livermore has been bought in a $40 million-plus deal that could bring a vast tech, manufacturing and industrial complex to the East Bay city.
Overton Moore Properties, acting through an affiliate, has bought 41 acres of land in Livermore, according to documents filed on Sept. 17 with the Alameda County Recorder’s Office.
The real estate firm paid $41 million for the site, the country records show.
41 acres of Livermore land near the corner of State Route 84 and Stanley Boulevard, shown within the outline. Boundaries are approximate. (Google Maps)
Pleasanton Gravel Co., via an affiliate, sold the empty land to Overton Moore, according to the Alameda County public filing.
Overton Moore bought the land through an all-cash deal, county records show. Colliers commercial real estate brokers Michael Lloyd, John Steinbuch, Greig Lagomarsino and Nick Ousman are seeking tenants for the property. Colliers also handled the property purchase.
OMP Oaks Business Park, as Overton Moore calls the complex, totals 760,300 square feet. The anticipated uses will be advanced manufacturing, tech and industrial.
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Overton Moore hopes to begin construction of the two-building complex in the next few weeks, the company said.
Fremont-based Lam Research, a major semiconductor equipment manufacturer that is one of the stalwarts of the tech industry, has leased roughly 60% of the project even before it’s built, according to Overton Moore. Newmark commercial real estate broker Chris Shaffer represented Lam in its lease deal.
Advanced manufacturing and industrial buildings are deemed to be a commercial real estate product type that is more in demand compared with a typical office building or hotel, whose values have plummeted in recent years, both in the Bay Area and nationwide.
“OMP Oaks Business Park will be the only new construction of advanced manufacturing/warehouse buildings that will be delivered in Livermore in 2025,” said Lloyd, a Colliers executive vice president. “It will fill a much-needed demand for this product type.”