MONTEBELLO, CA- OMP Industrial LLC plans a new 111,000-sf industrial condominium project on a property that the company recently acquired for $9.8 million from the Elsden Corp. The property, at 7171 Telegraph Rd., includes an existing 112,000-sf industrial building and five acres of excess land at a site along the Santa Ana Freeway.

Timur Tecimer, president of OMP, tells 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.

OMP Industrial LLC is a joint venture between Overton Moore Properties, Pacific Coast Capital Partners and New York State Teachers Retirement System. The $400-million joint venture targets industrial properties in in-fill markets in Southern California.

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