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Developer Plans 100-Townhome Community

POMONA, CA—A private investor purchases a 7.5-acre land parcel that currently houses two industrial buildings, with plans to build a townhome community.

By Kelsi Maree Borland | Updated on April 17, 2015

POMONA, CA—Private local investor and developer Tom Y. Lee has purchased a 7.5-acre parcel in Pomona, CA, that he plans to entitle for a 100-plus townhome community. Located at 2887 Towne Avenue and 700 East Harrison, the site houses two industrial buildings that total 100,000 square feet. Lee purchased the land site for $10 million from an unnamed seller.

“The buyer saw this is an opportunity to entitle the site for the development of a large number of individual townhomes in a growing locale,” Ramu Sunkara, a broker at Sperry Van Ness, tells GlobeSt.com. “At the time we presented the buyer the opportunity, he was involved in a smaller residential development deal that experienced a dramatic rise in home demand. Encouraged by that, the buyer felt Pomona offered a similar opportunity especially given that the site borders the prestigious Claremont community.” Sunkara represented the buyer and the seller in the transaction, along with his twin brother, Sperry Van Ness broker Kanna Sunkara.

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