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11/01/21
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In a recent Pomona office trade, The Korda Group, an L.A.-based family-owned developer, paid $28.05 mil ($291/sf) for 901 Corporate, a 96.4k sf, Class A office building. It was sold by Foremost Corporate, a SoCal-based real estate investment firm.
The two-story structure is located at 901 Corporate Center Dr, just south of I-10 and just east of the 57 Fwy. 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 building 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 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.
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 in the transaction. The buyer was repped by Newmark Director Andrey Mindirgasov.
According to Newmark Research, the Eastern San Gabriel Valley submarket, of which 901 Corporate is a part, totals 7.4 msf 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.
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