October 28, 2021 9:00 AM

Newmark[1] announced that it has arranged the sale of 901 Corporate, a 96,365 square foot, two-story Class A office building located 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 investment NNN leased to a high quality, regionally recognized tenant,” Jones said. “The Class A head office building was recently completely renovated and was purchased at a very low price compared to the cost of replacement.”

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 leading international full-service 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.

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