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University Acquires Downtown Pomona’s Armstrong Building
Progressive Real Estate Partners recently closed the $2.98-million sale of The Armstong Building, an iconic, 27,980-square-foot mixed-use building located at 150 -196 E. Third St. and 345 S. Locust St. in Pomona, to Western University of Health Sciences. The university will utilize the building as an extension of its downtown Pomona campus.
The Armstrong Building was previously owned by the late founder of the Museum of Modern Ceramic Art, David Armstrong. The building features seven ground-level commercial units and eight modern residential lofts.
Progressive SVP of retail leasing investment sales Roxy Klein and SVP and managing director Greg Bedell represented the seller, a Los Angeles-based private investor.
“Limited availability of properties suitable for owner-occupiers, combined with rising lease costs, has created a dynamic where many users view acquisition as a compelling alternative to leasing,” said Bedell. “In many cases, the economics are effectively a wash, even in today’s rate environments.”
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- ◦Sale/Acquisition
