POMONA, CALIF. — Newport Beach, Calif.-based CapRock Partners has purchased an infill industrial property situated on 12.5 acres at 4200 W. Valley Blvd. in Pomona. Terms of the transaction were not released.
The buyer acquired the asset as a sale-leaseback from an owner-tenant that will continue to occupy the existing 230,000-square-foot manufacturing building in the short term. Upon expiration of the lease, CapRock intends to demolish the existing facility and develop a 270,000-square-foot, 36-foot-clear-height building offering up to 10,000 square feet of speculative office space.
The property’s location is within minutes of the California State Route 57 and Interstate 605 interchange, Interstate 10 and California State Route 71.
Wes Hunnicutt, Matt Moore and Eric Tomchick of Newmark represented the buyer and undisclosed seller in the transaction. Additionally, the Newmark team will serve as leasing agents for the property.
Greg Brown, Peter Thompson and San Godfrey of JLL Capital Markets Debt Placement arranged an undisclosed amount of financing on behalf of CapRock Partners.