APPLE VALLEY, CALIF. — Preston-Lee Management Co. has opened the San Bernardino County Behavioral Health Apple Valley Community Clinic on Highway 18 in Apple Valley. The 28,000-square-foot mental health facility offers counseling and outpatient services to the High Desert community. The new county building will serve as the High Desert headquarters for the Department of Behavioral Health. San Bernardino County is planning to centralize other affiliates of the Department of Behavioral Health, which are currently dispersed throughout the valley. By housing the departments and their affiliates in an expanded, central location, the new facility will improve efficiency and offer a more streamlined process for residents. Along with counseling and outpatient services, a 24-hour crisis hotline will be among the new services available in the complex. Preston-Lee Management Co. is an affiliate company of Lee & Associates Inland Empire North.
WESTLAKE VILLAGE, CALIF. — Loramar Equities has brokered the sale of a 4,000-square-foot building in Westlake Village for $2.7 million. The space is located on 1.06 acres at 530 Hampshire Road. The seller is Cancer Support Community Valley/Ventura/Santa Barbara. Bruce Frasco of Loramar Equities and Arthur Pfefferman of Coldwell Banker Commercial Quality Properties represented the seller. The buyer was Chabad of Westlake Village.
SANTA ANA, CALIF. — A joint venture between locally based investment firm Barker Pacific Group and Las Vegas-based Kingsbarn Realty Capital has purchased Griffin Towers, a 560,000-square-foot office complex in the Southern California community of Santa Ana. The joint venture purchased Griffin Towers for $82 million from institutional investment firm Blackstone, which paid $129 million for the property in 2014, according to several business publications including The Deep Dive. Built in 1987 and recently renovated, Griffin Towers consists of twin 14-story buildings that are located at 5 and 6 Hutton Centre Drive, as well as a six-story parking garage. Amenities include a conference center with a catering kitchen, a fitness center with locker rooms, multiple electric vehicle charging stations and an outdoor bocce ball court. The buildings are home to tenants such as UKG, Michael Baker International, Psomas, Nation’s Direct Mortgage, HNTB and the Ayn Rand Institute. CBRE serves as the leasing agency for Griffin Towers. Barker Pacific Group also manages the property. The new ownership plans to continue with capital improvements by adding new amenities and upgrading select office suites. Kevin Shannan, Paul Jones and Brandon White of Newmark represented Blackstone in the transaction. David Milestone and Henry Cassiday …
LOS ANGELES — Waterbridge Capital has received $75 million in short-term first mortgage debt for its acquisition of Union Bank Plaza in downtown Los Angeles. B.H. Properties structured the financing in partnership with Hankey Capital. The quick closing allowed the buyer to acquire the historic high rise at a significant discount and avoid paying an additional 5.5 percent transfer tax under Los Angeles’ newly enacted Measure ULA, which went into effect April 1. Newmark’s Kevin Shannon represented the seller in the transaction. Colliers’ Mark Schuessler, Sean Fulp, Ryan Plummer and Jason Roth sourced the financing on behalf of the borrower.
LOS ANGELES — Stockdale Capital Partners has created a new open-ended, core-plus healthcare fund that will actively pursue medical office acquisitions. The seed investment was a 147,078-square-foot medical office building located at 2100 West 3rd Street Medical Center in Los Angeles. The space is 99 percent leased to major tenants, including Children’s Hospital of Los Angeles, Providence Health & Services and AltaMed Health Services Corporation.
RANCHO CUCAMONGA, CALIF. — Sky Zone has signed a lease for 30,700 square feet at 12449 Foothill Blvd. in Rancho Cucamonga. Sky Zone, which currently operates more than 200 locations throughout the country and Canada, will open an indoor entertainment park at the property, which is located within the 550,000-square-foot Foothill Marketplace. Paul Galmarini and Paul Su of Progressive Real Estate Partners arranged the lease on behalf of the landlord. Richard Cheng and Dan Fagan of Urban Lime Real Estate represented Sky Zone in the negotiations.
— By Cameron Irons, Executive Director, SVN Vanguard — The multifamily real estate market in Orange County continues to be one of the most attractive and profitable in the country. The area’s strong economy, affluent population and abundance of job opportunities have made it a popular destination for people looking for a place to live. As a result, the demand for housing in Orange County has remained high. Developers are responding by building new multifamily and mixed-use developments. There are several highly active companies developing new multifamily projects in Orange County. Projects such as Metropolis by the Irvine Company and Park and Paseo by Broadstone are nestled among large office/industrial parks and feature thousands of residential units, in addition to retail and commercial space. They are designed to be hubs for work, play and living, offering residents a wide range of amenities. Lennar Homes, KB Homes and Meritage Homes have similar projects in development in every city throughout the county. Despite the high prices of these properties, the Orange County multifamily market continues to thrive. The area has seen a surge in the number of renters in recent years, which has put pressure on the available housing supply. This has driven …
CORONA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.9 million sale of a single-tenant retail property in Corona. A Taco Bell drive-thru operated by Alvarado Restaurant Nation occupies the 2,049-square-foot property on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Evergreen Development, in the transaction. David Aschkenasy of Commercial Asset Group represented the 1031-exchange buyer, a locally based private investor.
LOS ANGELES — Umhofer, Mitchell & King LLP signed a 4,500-square-foot lease at ROW DTLA, a 32-acre, 1.4 million-square-foot mixed-use retail and office destination in downtown Los Angeles. The new space represents a new office for the law firm. JLL’s Jaclyn Ward, Cassie Trosclair and Sarah Hancock are overseeing office leasing at ROW DTLA.
LONG BEACH, CALIF. — Advanced Real Estate has acquired The Edison, a 12-story former office tower in downtown Long Beach. The property was originally built in 1960. It was converted to apartments in 2016. The space formerly served as the headquarters of the Edison Co., the Long Beach Police Department and city hall. The property was divided into 156 apartment units, with six added penthouses and a rooftop pool when it was converted. All electrical, mechanical, and plumbing systems were overhauled and structural enhancements were made. While the price was not disclosed, the acquisition required around $30 million of equity. Cushman & Wakefield’s Marc Renard represented both the seller and buyer in the transaction. Greystone provided a Freddie Mac loan in conjunction with the transaction.