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6/05/12
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Overton Moore Properties (OMP) has acquired the note secured by the remaining 28 unsold industrial condominium units, representing 159.5k sf of space, at Las Palmas Business Park. The entire project contains 48 units for a total of 230.3k sf in 11 buildings, with units that range from 2.5k sf to 15.6k sf in size. Twenty of the 48 total units have previously been sold to owner/users.
Las Palmas Business Park is located at the corner of McFadden and Lyon in the OC city of Santa Ana, providing excellent freeway access and proximity to executive housing locations. In 2007, the project underwent a major renovation which included new architectural features, storefronts, and landscaping.
OMP closed the acquisition in less than five days of signing the loan purchase contract. After acquiring the note, OMP obtained a fee simple interest in the property.
OMP plans to immediately sell vacant units to individual owner/users and they are also planning on selling free-standing buildings as multi-tenant leased investments, representing an opportunity for private investors or buyers with 1031 exchange requirements. Bucky Gillett and Kirstin Emershaw of Gillett Commercial are handling the sales effort for OMP.
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