Pomona Biz Park Buyer to Implement Value-Add Reno Program
Pomona Business Park, a 66,032-square-foot business park on 3.9 acres in the Los Angeles County submarket of Pomona, recently sold to a local investor. The purchase price was undisclosed.
The buyer will implement a value-add renovation program at the property, according to Dennis Sandoval, a DAUM Commercial Real Estate Services executive who represented the seller, also a private investor, alongside DAUM associate Kevin Sandoval.
“The seller had a well-located asset with strong potential for upside based on existing under-market rental rates and opportunities to modernize the property through strategic upgrades,” explains Sandoval, noting that the building is currently 95 percent leased to multiple tenants, providing immediate in-place cashflow. “Through our deep connections in the local industrial market and a strategic marketing campaign, we were able to successfully identify a buyer who we were confident could bring the sale to a seamless close and realized the true value of this asset, achieving a strong sale price for our client.”
Sandoval notes that despite the challenges and hesitation that arose from the effects of COVID-19 on the market, DAUM was able to source multiple offers for the seller and ultimately identified an investor with experience in repositioning similar assets.
- ◦Sale/Acquisition