Overton Moore Properties Announces The Sale Of OMP Fontana Distribution, Fontana CA
Overton Moore Properties (OMP) announces the sale of OMP Fontana Distribution Center, a 454,000 square foot distribution building in Fontana, CA. The project, completed in October 2012, was sold for $33,600,000 to Office Star Products. Office Star Products, is based in Ontario, CA, and the facility will be used for expansion purposes for their distribution facilities. OMP acquired the land site in August of 2011 from Hanson Roof Tile Company and developed the Class A distribution building. This is the second building in excess of 400,000 square feet that OMP sold this year in the Inland Empire.
“OMP is pleased with the sale to Office Star Products and once again, low cost financing is attracting users to buy vs. lease throughout Southern California”, noted Timur Tecimer, CEO of OMP. “OMP has an additional 1.1 million square feet in their development pipeline for 2013 in California and is looking for more sites and buildings to acquire in California and Arizona,” commented Tecimer.
Michael Giuliano, CCIM, Senior Vice President of Lee & Associates represented Office Star Products and OMP was represented by Colliers International. The listing team included Steve Bellitti, Senior Vice President, Tom Taylor, senior Vice President, Josh Hayes, Vice President and Summer Coulter, Associate.
OMP, formed in 1972, is one of the largest developers in Los Angeles County. The privately held real estate company specializes in development, acquisition, master planning, asset management, property management, marketing, construction management and financial reporting of commercial properties. OMP has developed or acquired over 35 million square feet of office, industrial and mixed-use space throughout Southern California.