ONTARIO, CA—BH Properties has purchased The Lake View Center in Ontario, Calif. for $13.8 million. The 106,345-sq.-ft. office property is located at 3257 & 3237 E. Guasti Rd. The purchase is BH’s third in the Southernmarket in the last seven month.
“This Class A property is well located in a market that is showing signs of recovery,” said Steve Jaffe, executive VP of BH Properties, in a statement.“The company is very excited about our recent acquisitions in thebasin. 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.”
Built in 2004, the 1.6-acre Lake View Center is 62 percent occupied with companies such as East West bank, T-Mobile and University of La Verne.
Kevin Shannon, Darla Longo and Phil Woodford of CB Richard Ellis represented seller PCCP and The Muller Cos.