Industrial land sales for prospective new development in the Los Angeles Basin is heated, nearly doubling in volume during the first quarter of 1998 compared to a year earlier, while leasing and sales of industrial space continues to increase, according to data released by the Los Angeles-based American Industrial Real Estate Association.

AIR's "Bulletin Statistics" for the first quarter, based on transactions reported by over 1000 association members, reveals that 4,738,606 sq. ft. of industrial land was sold during the first quarter of 1998, a 97 percent increase over the same period a year ago when 2,407,147 sq. ft. of industrial land was sold.

Although first quarter land sales did not reach levels of the fourth quarter of last year, a traditionally active period, it does mean that nearly 11 million sq. ft. of industrial land was sold during the last two quarters, hinting that substantial new development is on the horizon, the AIR report suggests.

Meanwhile, industrial building space leased in the basin rose to 7,158,971 sq. ft. during the first quarter, nearly a 23 percent increase over the same quarter in 1997 when 5,815,623 sq. ft. was leased. Additionally, 3,811,462 sq. ft. of industrial space was sold during the first quarter, a sizable increase of approximately 56 percent over the same period in 1997.

Office space leased and sold during the first quarter remained somewhat constant with a year earlier, although space sold increased dramatically in relation to space leased, a reversal of the year ago trend. Compared to the fourth quarter of 1997, office space leased and sold experienced a substantial decrease, according to AIR figures.

When Overton, Moore & Associates, Inc. (OMA) announced last month that it had agreed, in association with wholly-owned Morgan Stanley venture Kearny Real Estate Company, to acquire the 60-acre Northrop-Grumman site in Hawthorne, California for creation of an air freight complex of nearly one million sq. ft., it underscored OMA's pre-eminence among the upper echelon of area developers.

A long-time AIR member under the leadership of President and CEO Stanley Moore and Vice President/Marketing Donald Koch, OMA has, over the past 25 years, been consistently ranked among the top five commercial real estate development companies headquartered in Los Angeles County.

Specializing in office, industrial, retail and mixed use projects, OMA has developed over 20 million square feet of building space in Los Angeles, Orange and San Bernardino/Riverside Counties, as well as in the San Fernando Valley.

Central to OMA's success is the fact that the company is fully integrated, providing in-house capabilities for land planning, general contracting, construction of offsite improvements and onsite product, marketing, and property management. It also employs a full accounting staff. OMA currently manages over five million square feet of space.

Among OMA's outstanding projects are:

— Pacific Concourse, a 30-acre mid-rise infill office park at the intersection of the San Diego and Century Freeways in Los Angeles where the 10-story Los Angeles County Municipal Courthouse is now under construction.

— La Mirada Commercentre, a 24-acre business park in La Mirada now in its third phase. The project provides approximately 500,000 sq. ft. of industrial space for IBM and Viking Stationers, among others.

— Cypress Pointe, a 48-acre mixed use business in Cypress that features a Woodfin Suites Hotel, Chili's Restaurant, Carl's Jr., a Food Court, a PacifiCare Child Development Center, and the North American headquarters for JVC.

— Dominguez Hills Industrial Park, Los Angeles Business Center, and Dominguez North Industrial Park, three developments located in the South Bay totaling over four million sq. ft. of warehouse/distribution space.

— El Segundo Research Center, a 30-acre multi-tenant office project that features a Courtyard by Marriott Hotel, office and retail space.

— Carmenita Plaza and Walnut Plaza, 200,000 sq. ft. of office renovation projects currently underway in Cerritos and El Segundo.

— Torrance Crossroads, a 500,000 sq. ft. retail center in Torrance anchored by Home Depot, Ralphs Market, and Sam's Club.

The 1998 version of the Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate (Non-Residential) is now available at the AIR. To place your order, call the AIR at (213) 687-8777 or access our website order form at www.airea.com. For those using WinAIR Forms, you can download a copy of the updated version via our website.

"Multi-Tenant Lease Form" Seminar

8:00 a.m. - 12:00 Noon

Los Angeles Marriott Downtown

Los Angeles, California

Members: $50.00

NonMembers: $75.00

Call the AIR office for further

information and/or reservations.

4 Hours DRE Credit

3.25 MCLE Credit Applied For