Colliers International has closed a $16.5 million investment transaction between an Orange County-based private investor and the owner of Garey Tech Center in Pomona, the long-time site of aerospace and defense contractor Hamilton Sundstrand, Colliers International has announced.

Hamilton Sundstrand, which is now a part of UTC Aerospace Systems, a division of United Technologies Corporation, has occupied the building as both an owner and tenant since it was built in 1962. Since that time, the facility has been expanded and now includes four different wings and 134,500 square feet.

A joint venture between Lincoln Property Company and Morgan Stanley Real Estate Fund was represented in the sale by a team of Colliers brokers comprised of Senior Executive Vice President Clyde Stauff, an industrial properties specialist based in the firm’s Irvine office; Executive Managing Director Bret Hardy and Managing Director Rick Putnam, both of the firm’s Capital Markets Group; and Executive Vice President Tony Phu, who is based in the firm’s Commerce office.

Colliers’ Stauff also was part of the joint-company brokerage team that represented the Orange County, California-based investment buyer. He was joined on that team by Voit Commercial Real Estate Senior Vice Presidents Mike Hartel and Mike Bouma of that firm’s Irvine office.

Other factors that attracted the buyer was the stable long-term cash flow of the property, consistent rent growth over the remaining years of the lease, and the absence of maintenance issues due to the tenant’s in-place triple-net lease.

“This is one of the most valuable pieces of real estate in the Pomona aerospace corridor,” Stauff added. “Whether or not Hamilton Sundstrand continues to occupy the facility beyond it lease termination date of 2018, the property has the potential to be leased to multiple tenants, sold, or even re-zoned or re-purposed for different types of uses.”

Centrally located in the San Gabriel Valley with close access to the San Bernardino (I-10), Orange (57), Foothill (210), and Pomona (60) freeways, the facility also is within walking distance of the Pomona Metrolink Station and lies in a proposed transit-oriented development (T.O.D.) zone with the potential for residential land entitlement.