The Valley Economic Development Center opened an office in Pacoima on Thursday to create new businesses and jobs in the economically distressed community.
The Pacoima Entrepreneur Center, 13420 Van Nuys Blvd., will provide small business and online-incubation services to entrepreneurs, as well as workforce development services to help low-income individuals find and retain employment.
The three-story 13,895-square-foot building was funded by a $3.75 million federal grant. The goal of the center is to create and or place at least 350 jobs over the next five years.
The VEDC is a non-profit small business lender based in Sherman Oaks.
KC Holding Corp. in Fallbrook has purchased the 43,400-square-foot Mission Plaza shopping center in Palmdale for nearly $8.4 million.
The selling price is about $192 a square foot, roughly in the midrange of similar properties that have sold in the submarket this year, according to real estate data provider CoStar Group Inc. The seller, Sussex Capital Group of Woodland Hills, was asking $8.75 million.
Mission Plaza is at West Palmdale Boulevard and 10th Street West, across the street from the Palmdale Regional Medical Center. It is fully leased to tenants that include Sizzler, Alice’s Burgers and Posada Dental clinic, with average rents at $15 a square foot.
Broker Douglas Cole, of Calabasas-based Marcus & Millichap, handled both sides of the June deal.
The 9,600-square-foot Pacific First office building in Van Nuys has been sold for $2 million to A Change in Trajectory, a provider of autism therapy.
The two-story office building at 7226 Sepulveda Blvd. had been owned since 2006 by 7226 Sepulveda Inc. It was fully leased to Pacific First Bancorp Mortgage Corp. and ERA First Valley real estate before the June sale, but was delivered vacant to the buyer, according to NAI Capital Inc., which handled both sides of the deal.
The sale price works out to roughly $214 a square foot, higher than the average price of $185 a square foot for similar properties in the area in the second quarter, according to CoStar.
As a service provider, the new owners will benefit from the building’s central Valley location and proximity to the 405 Freeway, said Cathy Scullin, senior vice president at NAI, in a prepared statement. She handled the deal with NAI Vice President Adam Comora.
The therapy provider had outgrown its previous location in Van Nuys. The sale took place after the sellers received multiple offers for the property. “ACT quickly emerged as the best qualified buyer, with an all-cash offer,” Comora said.