Another large development site has traded hands in the industrial-filled San Gabriel Valley.
A fund tied to UBS Realty purchased a 15.9-acre site in Pomona for $32 million, The Real Deal has learned. The property at 1400 E. Phillips Boulevard has two buildings on it totaling 49,800 square feet. They are 100-percent leased to Frontier Communications through 2029.
Overton Moore Properties was the seller, according to records. They acted through an entity named FLP Pomona, LLC. Overton Moore bought the property from Frontier Communities in 2017 in $12.6 million.
Pomona is located in the San Gabriel Valley, between Los Angeles and the Inland Empire. Vacancy rates for industrial properties in San Gabriel are at 1.2 percent, according to CBRE. In August, Duke Realty, a real estate investment trust, purchased a 25.5-acre property there for $62.5 million.
UBS Realty notched L.A. County’s biggest office investment sale last May when it sold the Corporate Center Pasadena to Coretrust Capital for $260 million. In August, the firm also provided a five-year loan to help Developer Fifteen Group refinance its 1,175-unit Wyvernwood Garden Apartments in Boyle Heights.
Source: The Real Deal Los Angeles