X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

YUCCA VALLEY, CA-The City of Yucca Valley has acquired a 6,400-square-foot vacant bank branch from the FDIC in one of four property sales that have closed in the Inland Empire recently. The bank branch, which may remain a retail location or could be converted to public use, is at 57271 Twentynine Palms Highway and sold for $1.65 million, according to Beverly Hills-based Multi-Housing Capital Advisors Inc., which represented the FDIC.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.