“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 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. The property was acquired in 2020.īirtcher Anderson & Davis and Belay Investment Group engaged CBRE National Partners (Darla Longa/Barbara Perrier) to market the property for sale. The property is 100% leased to three tenants and located in a prime, last-mile location in the Inland Empire. (EDITOR’S NOTE: According to a second quarter industrial market report from Savills, the property was sold to GID Investment Advisors for $30.2 million, or about $293 per square foot.)īirtcher 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.
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