New Life Rehabilitation has paid $1.4 million for the property,which was formerly occupied by Union Bank of California.Encompassing 15,431-sf, the retail facility stands at 17122 BeachBlvd.

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The new owner, which will use a portion of the building for itsphysical therapy business, has some changes planned for thefacility. New Life Rehabilitation plans to install an indoor poolhere, since much of its physical therapy sessions involveaquatics.

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Kathy Fuller of Voit Commercial Brokerage's Irvine office actedon behalf of New Life Rehabilitation. The seller, Union Bank ofCalifornia, was represented by Charles Dunn Co. and NAICapital.

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The deal follows on the heels of a Los Alamitos retailtransaction, in which a 23,100-sf shopping complex was acquired bya private investor. The property, which is located at 10877-10911Los Alamitos Blvd., fetched $3.4 million for the seller,Continental Investment Group.

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