The City of Yucca Valley has not yet decided if the property will remain a retail branch or act as another public site such as a library, according to Multi-Housing Capital Advisors. The team that represented the FDIC included founding principals Curtis A. Palmer, Herb S. Chase III, Andy Sands and Peter Sherman, along with senior vice president Derek Layne and vice president Brad Pennington.
The bank branch is located on a large parcel of land situated on the commercial corridor of Highway 62, known as Twentynine Palms Highway, where the traffic count is 30,500 vehicles per day. The property has undergone costly improvements with a new bank vault and security system. The improvements include teller booths, an employee lounge, an employee training room, storage areas and drive-through ATM.
The other three deals were all industrial sales. In the first, two private investors acquired the 32,511-square-foot Brooks Business Center II at 5507 Brooks St. in Montclair from two other private investors for $2.6 million. The buyer was represented by David Wu of Grubb & Ellis and the seller by Nicholas Chang of NAI Capital Commercial.
In a deal in Fontana, the Orrett Family Trust sold a 21,920-square-foot building at 14554 Valencia Ave. to two private individuals for $1.3 million. The buyer was represented by Randy Lockhart of Grubb & Ellis and tghe seller by Robert Jimenez of Delmar Commercial.
In Rancho Cucamonga, the Arthur Lo Family Limited Partnership sold a 15,503-square-foot building at 9070 Rancho Park Court to Nodbeh Enterprises Inc. for $1.4 million. The seller was represented by Richard Schwartz and Milo Lipson of Grubb & Ellis and the buyer by Barret Woods of Lee & Associates.
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