Lee & Associates completes acquisition of Bear Valley Medical and Business Center
Lee & Associates recently completed the acquisition of the Bear Valley Medical and Business Center located at the corner of Bear Valley Rd and Apatite Ave in the City of Victorville. The four building 89,077 square foot complex was completed in 2005 and is home to many of the High Deserts Premier businesses. The property was sold by Equitable Bear Valley LLC (a Delaware LLC) to Bear Valley Medical and Business Center LLC, (a California LLC).The Lee & Associates team worked on the transaction for the last eight months, involving sixteen different investor entities, and secured the $9,975,000 Commercial Backed Mortgage Securities (CMBS) loan with Key Bank out of Kansas City, Missouri. The CMBS loan was originated by David Blain with Pacific Southwest Realty, who assisted in completing the transaction.
Brokers of Lee & Associates Don Brown and Elizabeth Brown-Simone were the brokers of record for the transaction. The Escrow and Title were handled by the Victorville office of Chicago Title & Escrow, who has also been a long term tenant at the property. “This is a great acquisition of one of the premier properties in the High Desert for the investor group”, said Don Brown, President of the Lee & Associates –
Inland Empire North office, who will be the managing member of the LLC. Lee & Associates will continue in their capacity as leasing agents and asset/property managers for the property.
For further information contact Donald P. Brown at 760-684-4203 or email email@example.com.
About Lee & Associates
Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with locations across the nation including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.