Newmark arranges sale of office building in Pomona, Calif. For $ 28 million

October 28, 2021 9:00 AM

Newmark[1] announced it has arranged the sale of 901 Corporate, a 96,365-square-foot, two-story Class A office building at 901 Corporate Center Drive in Pomona, Calif., for $ 28.05 million, or $ 291 per square foot. The property was the subject of an off-market transaction.

Newmark’s US Capital Markets Co-Head Kevin Shannon, Executive Managing Directors Paul Jones, Ken White and Brunson Howard, and Director Brandon White represented the seller, Foremost Corporate, a California-based real estate investment firm in South. The buyer, represented by Newmark Director Andrey Mindirgasov, was The Korda Group, a family-owned Los Angeles-based developer and business investor.

“901 Corporate has provided our buyer with a long-term single-tenant NNN investment in a high quality, regionally recognized tenant,” Jones said. “The Class A head office building was recently completely renovated and was purchased at a price significantly lower than the replacement cost. “

901 Corporate is 100% leased to LERETA, LLC, the industry‘s largest and fastest growing tax and flood services provider, serving more than 4,000 lenders. The property was built in 1989 and in 2020 was the subject of a large tenant construction project by Ware Malcomb, a full service international design, architecture and engineering company. The property offers LERETA an elegant corporate identity along with ample above ground parking and floor plans that are larger than the market average.

901 Corporate is part of a master plan office development that provides convenient access to business, residential and recreational opportunities throughout the region. The property is close to the San Bernardino (I-10), Orange (SR-57) and Chino Valley (SR-71) highways providing convenient routes to the entire Southern California Basin.

According to Newmark Research, the Eastern San Gabriel Valley submarket, of which 901 Corporate is a part, totals 7.4 million square feet of office inventory. The submarket recorded an office vacancy rate of 10.8% in the third quarter of 2021, with average Class A rental rates asking averaging $ 2.50 per square foot per month.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full suite of services and products are uniquely tailored to suit every customer, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.2 billion for the twelve months ending June 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newbrand.

Discussion of forward-looking statements regarding Newmark
Statements contained in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements regarding the effects of the COVID-19 pandemic on the business, results, financial condition, liquidity and prospects of the Company, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, perhaps materially, from what is currently expected. Except as required by law, Newmark assumes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see Newmark’s Securities and Exchange Commission documents, including, but not limited to, the risk factors and the special note on Forward-looking information set out in these documents and any updates to these risk factors and the special note on forward-looking information contained in subsequent reports on Form 10-K, Form 10- Q or Form 8-K.


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