BH Properties, a Los Angeles-based commercial real estate investment company, announced this week that it had acquired Lake View Center in Ontario, CA for $13.8 million. The three story, 106,345 square foot office property was sold by PCCP and The Muller Companies, with representation from Kevin Shannon, Darla Longo and Phil Woodford of CB Richard Ellis.
"This Class A property is well located in a market that is showing signs of recovery," said Executive Vice President of BH Properties Steve Jaffe. "The company is very excited about our recent acquisitions in the Los Angeles basin. After an 8-year hiatus from California purchases, this property (along with the other two recent transactions) marks a new acquisition strategy for the company – while still seeking value-add type assets, we now are looking to acquire higher quality properties in more densely populated areas."
Lake View Center, built in 2004, sits at 3257 and 3237 E. Guasti Road. The property was 62% leased at the time of sale, with major tenants including East West Bank, T-Mobile and University of La Verne.
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