Continuing a downward trend in California’s commercial real estate market, New York-based investment management firm Blackstone sold two 13-story office towers in Santa Ana for an estimated $47 million loss in March.
Barker Pacific Group, a Los Angeles-based real estate management and development company, and Kingsbarn Realty Capital, a private equity firm in Las Vegas, joined forces to purchase Griffin Towers office park for $82 million ($146 per square foot), a 36 percent discount from the $129 million ($230 per square foot) Blackstone paid in 2014.
“Griffin Towers is an excellent fit to our office portfolio, which now includes eight properties totaling more than three million square feet,” Michael Barker, principal and managing director of Barker Pacific Group, said in an April 6 statement. “The property offers a great location to the major freeways, John Wayne Airport, and a neighborhood of diverse amenities.”…