Overton Moore Properties acquires a Note secured by Las Palmas Business Park from Bank of America

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Jun 04, 2012, 03:58 ET

GARDENA, Calif., June 4, 2012 /PRNewswire/ -- Overton Moore Properties (OMP) has acquired the Note secured by the remaining 28 unsold industrial condominium units representing 159,489 square feet at Las Palmas Business Park. The entire project contains 48 units for a total of 230,289 square feet in eleven (11) buildings, with units that range from 2,500 to 15,640 square feet. 20 of the 48 total units have previously been sold to owner/users. Las Palmas Business Park is located at the corner of McFadden & Lyon in the 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. Additionally, OMP will sell free standing buildings as multi-tenant leased investments, representing an opportunity for private investors or buyers with 1031 exchange requirements. With onsite sales offices, Bucky Gillett and Kirstin Emershaw of Gillett Commercial will continue to market and sell the units on behalf of OMP.

"Las Palmas Business Park is a highly functional, well located, and distinctly attractive project that is virtually irreplaceable today," noted Jason Hines, Vice President of OMP. "Acquiring notes is an opportunistic way for us to execute our acquisition strategy." OMP is focused on acquiring land for development, value add, and core investments in 2012.

SOURCE Overton Moore Properties