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.”