Private Investor Plucks Aerospace Property

POMONA, CA—A joint venture between Lincoln Property Co. and Morgan Stanley Real Estate Fund has sold the Gary Tech Center in Pomona, CA, to a private, Orange County-based investor for $16.5 million, GlobeSt.com reports exclusively. Aerospace and defense contractor Hamilton Sundstrand currently occupies the building, and has since the property was built in 1962.

This long-term tenant was one of the factors that attracted the joint venture to the property, according to Clyde Stauff, EVP at Colliers International, who represented both the buyer and the seller in the transaction. “The buyer was looking to accommodate an exchange requirement, and this property had long-term stable income from a high net worth tenant, a division of United Technologies that has occupied the building for more than 40 years,” Stauff tells GlobeSt.com. Stauff represented the sellers along with his Colliers colleagues, executive managing director Bret Hardy, managing director Rick Putnam and EVP Tony Phu. On the buying team, Voit Commercial Real Estate SVP Mike Hartel and Mike Bouma worked alongside Stauff.