North Palisade Buys Industrial Property in Pomona

North Palisade Partners is the new owner of an 11-acre site in Pomona, Calif. The selling price, from a private seller, came in at $43.5 million. The industrial/logistics facility sits at 2000 Pomona Blvd. and features 60,000 square feet of warehousing facility that borders the industrial-space boom in the Inland Empire.

While Pomona is in Los Angeles County, it can be considered part of the overall Inland Empire sphere of influence due to its similar characteristics and proximity to the Inland Empire West submarket. Vacancy rates in the Inland Empire dropped below one percent in Q4 2021, spurred by an increase in both renewal activity and aggressive leasing. User demand, combined with historically low vacancy have pushed asking lease rates for industrial warehouse to record highs.

Colliers’ Jace Gan, Executive Vice President, Greater Los Angeles, and Clyde F. Stauff, SIOR, Senior Executive Vice President, Greater Los Angeles, represented North Palisade Partners in the off-market deal. The building’s current occupant plans to lease back the property for approximately one year.