June 07, 2023
Aries Capital has closed a $50 million bridge loan for the acquisition of a $65.5 million, 290,195-square-foot industrial property in Pomona, California. Closed in just 17 days on behalf of buyer Hawkeye Holdings, LLC, the 3-year interest-only loan was arranged by Director of Capital Markets Brandon Perdeck, Director of Acquisitions Matt Carney and Assistant Vice President Steve Adams through a national balance sheet lender.
The sales transaction was negotiated by Lee & Associates, one of the largest national commercial real estate providers with regional expertise, and was the largest industrial transaction completed in Pomona in 2022. Ron Mgrublian, principal with Lee and Associates Los Angeles – Long Beach, along with Ed Matevosian, first vice president with CBRE in Glendale, CA, represented the buyer in the transaction.
“We were able to execute and deliver the right loan structure and proceeds within an expedited time frame to meet the acquisition deadline. The property is a strategic distribution center and will be the foundation for the continued expansion of our client’s business.” said Perdeck.
The warehouse/distribution facility was built in 1982 and is located on a 9.5-acre site at 2875 Pomona Boulevard near the 10/57 interchange within Los Angeles County. The new owner plans to continue to master lease the entire property for its own use, a leading automobile wheel manufacturer and distributor Katana Racing, Inc. The property’s sub-tenant Yamamotoyama is the oldest tea company in Japan, having been family owned and operated since 1690.
“We were extremely pleased with the teams at Lee & Associates, CBRE and Aries Capital. Their individual expertise and combined ability to deliver in record time allowed us to take advantage of this opportunity and position us for future growth. We look forwarding to continuing our relationship with all three firms.”
Pomona is strategically situated between the Inland Empire and the San Gabriel Valley within the Greater Los Angeles Base and is surrounded by the cities of Claremont, La Verne, San Dimas, Walnut, Diamond Bar, Chino, Chino Hills, and Montclair. The city’s convenient access to major freeways continues to attract ecommerce, packaging and national retailers and a lack of new, high-quality supply has spurred all-time high rental rates, waiting lists for prospective leases and top-dollar, off-market transactions.