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6/11/25
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A 49.9k sf retail strip property in Pomona was acquired by Cape Point for $12 mil, or $240/sf. The asset, situated on a 5.5-acre site at 3101 N. Garey Ave, at the intersection with East La Verne Ave, was sold by Optimus Properties LLC.
The property has been entitled for multifamily podium development by Optimus. However, the buyer has indicated initial plans to reposition the property into a modern town home development that serves the evolving needs of the surrounding community.
“We recognized the long-term redevelopment potential of this property when we acquired it,” said K. Joseph Shabani, Principal at Optimus Properties. “With changing retail trends and the property’s exceptional frontage and location, this site presents a significant opportunity for the next phase of growth in Pomona.”
Janet Neman of Kidder Mathews represented Optimus in the transaction. The company currently has close to $1 bil of total assets under management.
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