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University Tech Center Trades Hands

POMONA, CA—Buchanan Street Partners buy the 100,360-square-foot office campus from Invesco with plans to redevelop the common areas and outdoors space.

By Kelsi Maree Borland | Updated on February 26, 2015

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.”

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