October 28, 2021 9:00 AM
Newmark[1]
announced that it has arranged the sale of 901 Corporate, a 96,365-square-foot, two-story, Class A office building located at 901 Corporate Center Drive in Pomona, California for $28.05 million, or $291 per square foot. The property traded in an off-market transaction.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Ken White and Brunson Howard, and Director Brandon White represented the seller, Foremost Corporate, a real estate investment firm based in Southern California. The buyer, represented by Newmark Director Andrey Mindirgasov, was The Korda Group, a family-owned-and-operated commercial developer and investor based in Los Angeles.
“901 Corporate provided our buyer with a long-term single-tenant NNN leased investment to a high-quality, regionally recognized tenant,” said Jones. “The Class A corporate headquarters building was recently extensively renovated and was purchased at significant discount to replacement cost.”
901 Corporate is 100% leased to LERETA, LLC, the industry’s largest and fastest-growing tax and flood service provider, serving more than 4,000 lenders. The property was built in 1989 and in 2020 underwent an extensive tenant buildout completed by Ware Malcomb, a premier full-service international design, architecture and engineering firm. The property provides LERETA a classy corporate identity along with ample surface parking and larger-than-market-average floor plans.
901 Corporate is part of a master-planned office development that provides convenient access to business, residential and recreational opportunities throughout the region. The property is in proximity to the San Bernardino (I-10), Orange (SR-57) and Chino Valley (SR-71) Freeways providing convenient commutes to the entire Southern California basin.
According to Newmark Research, the Eastern San Gabriel Valley submarket of which 901 Corporate is a part, totals 7.4 million square feet of office inventory. The submarket registered an office vacancy rate of 10.8% as of the third quarter of 2021, with average Class A asking rental rates averaging $2.50 per square foot per month.
[1] Dba Newmark Knight Frank in California
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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