Lake View Center in Ontario Sold to BH Properties

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.

For more news and information visit Blumberg Capital Partners.

BH Properties Sells Sunset Corridor Office Buildings for $6.9M

Los Angeles-based BH Properties, a real estate investment firm, has sold two Hillsboro, Oregon office and technology buildings known as Technology Center One and Two, totaling 95,000 square feet, for $6.9 million. According to an OregonLive.com article, BH Properties purchased the buildings in 2007 for $8 million. Hawaii-based Watumull Properties Corp. bought the properties, though terms of the deal were not disclosed. Keith Young, senior vice president at Kidder Mathews, represented both the buyer and the seller in the transaction.

Near the Intel Corp. campus, Tech Center One and Two are located at 7431 & 7451 NW Evergreen in Hillsboro. The property, constructed in 1985 with an addition in 1993, is occupied by a single tenant, Bank of America. "This is an impeccably constructed and maintained property, positioned in an economically diverse community, in proximity to a major metropolitan market, meeting Watumull's criteria for investment-grade properties," said Cliff Finnell of Kidder Mathews. "This building is highly desired by a wide variety of tenants, and will only increase in value over the next few years."

For more news and information visit Blumberg Capital Partners.