Radius acquires Hagelis to broaden groups’ commercial real estate reach
Radius Group Commercial Real Estate has acquired the Hagelis Group.
Santa Barbara-based Radius recently completed a deal that will expand its footprint and grow its brand. Hagelis specializes in retail properties in Ventura County, which will broaden Radius’ reach and expertise, said Brian Johnson of Radius, which predominantly works in the South County multifamily, office and industrial markets.
“It will increase access to the Ventura County market for our clients in Santa Barbara and the South County and open up additional opportunities for investors,” Johnson told the Business Times. “And it will give the folks at Hagelis more opportunities to compete in our market.”
Hagelis will retain its five employees and remain at its office at 4227 E. Main St., Ste. 220 in Ventura. It will also keep its name and the staff will operate as advisers under the Radius Group.
“They are well-known and well-respected in the industry and Hagelis fits with our identity and culture,” Johnson said.
Radius has 21 brokers and the acquisition makes them one of the biggest tri-county real estate firms by number of brokers along with Lee & Associates, according to Business Times research.
The acquisition, completed Aug. 29, will give Hagelis more opportunity to grow its business rather than worry about the day-to-day administrative tasks of running a small business, Bill Hagelis of the Hagelis Group said.
“This will help us proceed in a more strategic growth mode to grow our brand and own personal business,” he said. “Having the support and referral network with Radius will allow us to enhance both platforms.”
Financial terms of the deal were not disclosed.
“With their connections in the retail world and our resources and branding and tools, it will be beneficial across the board,” Johnson said.
Kaiser Permanente scales up
Kaiser Permanente will bolster its Ventura County presence when it breaks ground on a new medical office building in Ventura on Sept. 23.
The 57,000-square-foot property at Market and Valentine streets in Ventura will offer services including obstetrics-gynecology, orthopedics, podiatry, plastic surgery, gastroenterology, hematology, oncology, infusions, ophthalmology, optometry, urgent care, general radiology and a pharmacy. It is slated to open in 2018.
The new facility will add to its two South Hill Street offices in Ventura and replace its 2601 E. Main St. location, according to a Kaiser spokeswoman. Kaiser also has three locations in Thousand Oaks, two in Oxnard, one in Camarillo and one in Simi Valley.
“Since acquiring Buenaventura Medical Group in 2007, performance in the Ventura area has exceeded expectations in membership,” Senior Vice President and Area Manager Dennis Benton said in a news release. “Market Street’s additional capacity and specialty services will greatly enhance our ability to meet the needs of the community.”
Established in 1986, Kaiser Permanente Woodland Hills provides primary and specialty care to more than 200,000 members throughout West San Fernando Valley and Ventura County.
Affordable housing debuts
A 43-unit affordable housing community has opened at 309 South St. in San Luis Obispo.
The public-private partnership between the city and county of San Luis Obispo, the Housing Authority of SLO and developer ROEM Corp., among others, led to a $14.1 million project that features three buildings and a mix of one-, two- and three-bedroom units. KTGY Architecture and Planning designed the project.
“South Hills Crossing represents the coming together of the private sector, HASLO, the city and financial markets to really address one of our community’s top challenges — lack of affordable rental housing,” SLO Mayor Jan Howell Marx said in a news release.
Increasingly unaffordable housing has long vexed employers and slowed economic growth in the region, which has largely embraced slow-growth politics and minimal development.
A lack of housing construction coupled with the dissolution of the state’s redevelopment agencies has led to a housing shortage, which has sent home and rental values soaring, said Alex Sanchez of ROEM.
“While we’re still feeling the effects of the demise of our state’s redevelopment funding sources, and with so many other economic variables working against the goal of providing affordable housing, I applaud the city and county of San Luis Obispo for creating policies that encourage affordable housing developers to build here,” he said.
South Hills Crossing is financed with low-income housing tax credits and solar tax credits, as well as funding from the cities and counties of SLO, HASLO, San Luis Obispo County Housing Trust Fund, Citi Community Capital and AEGON Group.
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