Progressive Real Estate Partners, a leading Inland Empire, California retail brokerage firm, announced the $2.98 million sale of The Armstong Building, an iconic, 27,980-square-foot mixed-use building located at 150 – 196 E. Third Street and 345 S. Locust Street in Pomona, California to Western University of Health Sciences, a well-established private medical university with a significant presence in Pomona. Western University of Health Sciences will utilize the building as an extension of their campus, further integrating it into their existing footprint in downtown Pomona. The Armstrong Building was previously owned by the late founder of the Museum of Modern Ceramic Art, David Armstrong. The building features seven ground level commercial units and eight modern residential lofts.
Progressive Real Estate Partners Senior Vice President of Retail Leasing Investment Sales Roxy Klein and Senior Vice President and Managing Director Greg Bedell represented the seller, a Los Angeles-based private investor.
“Despite a higher interest rate environment, we continue to see strong owner-user demand across the Inland Empire,” said Bedell. “Limited availability of properties suitable for owner-occupiers, combined with rising lease costs, has created a dynamic where many users view acquisition as a compelling alternative to leasing. In many cases, the economics are effectively a wash, even in today’s rate environments.”
Klein went on to say, “We generated strong interest and multiple offers on the property, which allowed us to create a competitive process for the seller. We’re especially pleased to have ultimately worked with Western University, whose vision for expanding their campus and better serving the surrounding community made them an ideal buyer.”…