Timur Tecimer, president of OMP, tells Globest.com that the company plans on repositioning or selling the 112,000-sf building once the existing tenant vacates in November. If the company decides on a repositioning, he says, it will convert the building into warehouse space from its current use as a manufacturing facility.
The new space that OMP will develop will be called Montebello Business Center. OMP will divide the industrial building into 17 units and will sell the condos to owner-users. Unit sizes will range from 3,000 sf to 14,000 sf. The project has all municipal approvals and groundbreaking is scheduled for July, with completion in February 2006, according to Tecimer. "The Commerce/Montebello submarket has very few development opportunities and we feel the small buildings for sale will be well received in the market," Tecimer says.
OMP was represented in the property acquisition by Dave Hess of the Trammell Crow Co. and John McMillan of Cushman & Wakefield, who also represented the seller. Hess and McMillan also are listing agents for the sales of the new condos that OMP will develop.
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