Two apartment complexes in Moreno Valley have been sold to a San Diego investment firm for $107.2 million.
Tower 16 Capital Partners bought the Sienna Pointe complex, which has 384 units, and the Heacock Park Apartments with 120 units.
The seller was unidentified.
The deals represent the fifth and sixth Inland Empire acquisition for Tower 16 Capital Partners.
“Both of these properties are essentially untouched and have tremendous opportunity for transformation,” said Tower 16 co-founder Mike Farley. “Upon renovation, both properties will still be considered affordable for the residents of Moreno Valley.”
Sienna Pointe Apartments at 13933 Chagall Court has a clubhouse, playground and three pools. Heacock Park Apartments at 13325 Heacock Street has covered parking, a playground, laundry facilities and a pool with spa.
Tower 16 said it will spend nearly $10 million to upgrade and renovate both properties. Improvements include modernizing the apartments, clubhouses and gyms. The pools will get a facelift, too.
New outdoor amenities will feature barbeques, seating and outdoor gaming areas.
Yoga studio opens in Chino Hills
YogaSix opened in late July at the Shoppes at Chino Hills.
The studio is owned and run by Michele and Neil Gratton, who also have a YogaSix studio in Ontario.
The studio offers a variety of yoga classes for all fitness levels. YogaSix Chino Hills will have classes throughout the day, morning, afternoon and night.
The Grattons are also looking for new yoga instructors to join their team. Contact them or send in a demo tape to firstname.lastname@example.org.
For more information go to www.yogasix.com/location/chino-hills or call 909-789-1111.
Address: 13925 City Center Drive, Suite 2013
Office complex sells for $11.4M
Dornin Investment Group has sold a 46,089 square foot, three-story office building at 3550 Vine St. in Riverside for $11.4 million,
The deal was brokered by CBRE.
DIG had recently completed renovations to the lobby, common areas and landscaping while building two speculative office suites.
The Vine street building, which was sold to an unidentified investor, was the fourth property of a five-property portfolio DIG has sold in Riverside. The firm said it bought the properties in October of 2018 for $44.25 million, and so far, sales have totaled $46.4 million.
Medical building sells for $4.3M
A medical office building in Palm Desert has been sold to an unidentified buyer for $4.3 million, according to reps at CBRE.
The 9,257 square-foot building on two parcels at 72415 Park View Drive includes a dental facility, including two orthodontists, a periodontist and an endodontist.
CBRE’s Cray Carlson and Kevin Sin represented the unidentified buyer. Wilson Meade’s Noel Ramos represented the seller.
Harbor Freight opening in Rialto
Harbor Freight Tools, the discount shop for the DIY handyman or woman, is opening Saturday, Aug. 14 in Rialto.
The store at 260 E Baseline Road is the 122nd Harbor Freight Tools store in California. The company hired some 25-30 people to support the store.
Hours weekly are 8 a.m. to 8 p.m. Monday through Saturday and from 9 a.m. to 6 p.m. on Sunday.
The store manager is Isabel Burdine
“At Harbor Freight, we recognize that now, more than ever, our customers depend on us for the tools they need to get the job done at an affordable price,” she said.
The store sells a selection of tools and equipment of all types, including automotive, air and power tools, storage, outdoor power equipment, generators, welding supplies, shop equipment and hand tools.
As a safety protocol during the COVID-19 pandemic, all Harbor Freight stores have implemented more frequent cleaning and are following the guidelines from the Centers for Disease Control. Any individual who has any COVID-19 symptoms is asked to shop on our website, www.harborfreight.com rather than in our stores.
Grant recipients announced
Six Inland Empire companies are the recipients of small business grants from Founders First CDC.
The Job Creators Quest Grant supports underrepresented entrepreneurs in Southern California. Ten local businesses in all received a portion of a $30,000 grant as well as a full scholarship to one of Founders First CDC’s accelerator programs. In addition to the Inland winners, two reciepients were in Orange County and one in Los Angeles. The top grant of $10,000 went to Westcliff Properties in Santa Ana.
Funding for this program was provided, in part, by a $1 million grant from the Rockefeller Foundation in addition to Founders First Capital Partners’ recent $9 million Series A financing.
Inland winners include:
- $2,500: B Team Solutions, Bethany Smith – Desert Hot Spring
- $2,500: Boost Training Systems, Ray Bass – Corona
- $1,000: Skin Theory, Shauna Michels – Corona
- $1,000: Freedom in Motion, Jimmy Davidson – Loma Linda
- $1,000: Carrillo Concrete Services, Jose Carrillo – San Bernardino
- $1,000: Roark Financial, Eric Roark – Ontario
Mehdi Bettahar, 52, of Moreno Valley, has been appointed assistant deputy director for site mitigation at the Department of Toxic Substances Control, where he has served as Exide residential cleanup branch chief since 2019 and was hazardous substances engineer and project manager from 2018 to 2019. This position does not require Senate confirmation and the compensation is $174,048. Bettahar is registered without party preference.
California tax credit applications open
The state’s GO-Biz (Governor’s Office of Business and Economic Development) is accepting applications for $150 million in tax credits.
Businesses that are expanding and adding full-time jobs in California qualify for the California Competes Tax Credit.
For more information: calcompetes.ca.gov.
Applications are due Monday, Aug. 16, at 11:59 p.m.
For more information about the CCTC, the state will host free application webinars Aug 5, and Aug. 10.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to email@example.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.