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.
