LOS ANGELES, August 29, 2018 – Cushman & Wakefield announced today that Pomona Tech Center, a 44,187-square-foot office building in Pomona, Calif., has sold for over $6 million.
A private buyer acquired the asset for $6,525,000 or approximately $147 per square foot. Seller LNR Partners, LLC was represented by Jeffrey Cole, Ed Hernandez, and Nico Napolitano with Cushman & Wakefield’s Capital Markets Group, with Sean Kern and Ryan Russell from the firm as market advisors.
Located at 3201 Temple Avenue, Pomona Tech Center is a two-story office building that features institutional-quality, steel-frame improvements with a recently renovated vaulted lobby, mountain and valley views, and ample surface parking. It offers a strategic location in Los Angeles County with immediate access to Orange County and the Inland Empire. The property was 89 percent leased at the time of the sale to six tenants with national credit tenants St. Joseph Health and Henkels & McCoy occupying 46 percent of the building.
“Pomona Tech Center sold at a significant discount to its estimated replacement cost of over $300 per square foot,” according to Mr. Hernandez, a Managing Director based in Cushman & Wakefield’s Irvine office. “The asset offered stable in-place cash flow as well as tremendous upside potential via near term lease-up in a rising rent market.”
Office market conditions in the San Gabriel Valley have seen a drop in vacancy down to 14.8 percent as of second quarter 2018, according to Cushman & Wakefield research. The Pomona/San Dimas submarket saw over 200,000 square feet of leasing activity, dropping the vacancy rate to only 7.3%, its lowest level in a decade.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.