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.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.