POMONA, CA—Buchanan Street Partners has acquired the University Tech Center in Pomona, CA, from Invesco Real Estate. Buchanan Street plans to invest additional capital to renovate the two-building 100,360-square-foot office campus, including upgraded common areas and eco-friendly outdoor spaces and landscaping. The purchase price for the property was not disclosed, but industry sources unrelated to the deal estimate the total purchase price was $14.5 million.

“The property offered two different investment profiles. One building was a recently renovated and is 100% leased long term to County of L.A. The other is a multi-tenant building that needs major renovations,” Tim Ballard, president of Buchanan Street Partners, tells GlobeSt.com. “We expect to sell the single-tenant leased building to an investor looking for long-term cash yield at a significant premium to what we paid. After that, we will be able to focus on the renovations to the other building. This fits into our business strategy to buy value-add-to-core plus buildings and make cosmetic upgrades and then fill the property, bring rents to market if they are below and position it to be attractive to a buyer down the road.”

Located at 3179 and 3191 West Temple Avenue in Pomona, CA, the two-building property is currently 91% occupied in total. It is located near the 60 and 57 freeways, and offers convenient access to Los Angeles, North Orange County and the Inland Empire as well as Cal Poly Pomona, which recently completed a $46 million on-campus development. In the multi-tenant building, Buchanan Street Partners plans to invest an additional $1.6 million into the property over the next year. According to Ballard, the improvements will include renovations to the lobby, corridors and lighting.

Buchanan Street partners represented themselves in the transaction, while CBRE's Kevin Shannon and Mike Kendall represented Invesco.

Pomona is typically known for its industrial deals and developments, although the infill location makes it a relatively tight market. Last year, however, Seventh Street broke ground on the fourth and final construction phase of the 91-acre Mission 71 Business Park, a 2-million-square-foot industrial development in Pomona. The fourth construction phase cost $40 million and consists of a four-building facility totaling 500,000 square feet.