Birtcher Anderson & Davis, along with its partner Belay Investment Group, today announced the sale of a 104,492 square-foot three building industrial project located at 2665, 2671 & 2675 Pomona Boulevard in Pomona, CA. The property is 100% leased to three tenants and located in a prime, last-mile location in the Inland Empire. The property was acquired in 2020.
Birtcher Anderson & Davis and Belay Investment Group engaged CBRE National Partners (Darla Longa/Barbara Perrier) to market the property for sale. “The CBRE team was instrumental in helping us tap into what remains a strong investment interest in Southern California industrial property in spite of a lot of macroeconomic ‘noise.’ We were pleased to exit the property earlier and at a stronger price than we underwrote following some cosmetic enhancements” said Bob Anderson, Birtcher Anderson & Davis Co-Chairman.
“This is the second favorable exit we’ve made in as many months through our partnership with Birtcher, and we continue to be impressed by their capability as asset managers as well as their deep understanding of Southern California submarkets” said Eliza Bailey, Chief Executive Officer and Chief Investment Officer of Belay. “The successful outcome of our investment in these three Pomona assets speaks to the continued momentum we’re seeing with prime coastal infill logistics and last-mile product. We look forward to continuing to work with Birtcher to execute the value-add business plan at our remaining SoCal assets” said Jake Loughridge, Managing Director at Belay.
About Belay Investment Group
Belay Investment Group, LLC is a real estate investment management firm that pursues equity and debt investment opportunities across all property types, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term programmatic relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators (including diverse firms), beyond providing investment capital. Visit www.belayinvestmentgroup.com for more information.
About Birtcher Anderson & Davis
Birtcher Anderson & Davis (“BA&D”) is a California based, privately-owned real estate investment, development, and property management firm located in San Juan Capistrano, CA with additional satellite locations in CA, NV, and AZ. BA&D is a vertically integrated real estate operating company focused on acquiring value-add, middle-market, multi-tenant warehouse and light industrial properties in high growth U.S. markets. For more information visit: www.birtcherandersondavis.com
Birtcher Anderson & Davis has not received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in 2665, 2671 & 2675 Pomona Boulevard, Birtcher Anderson & Davis and its personnel have an incentive to make positive statements about Belay and the 2665, 2671 & 2675 Pomona Boulevard industrial project.