Merger-Seeking YMCA Sells Headquarters
The Centinela Valley YMCA sold its Hawthorne headquarters last week, bringing it closer to a merger with an umbrella group that serves the rest of the South Bay.
Rainbow Bridge, a Hawthorne-based agency that serves developmentally disabled children, bought the Ramona Avenue facility for $425,000 and will use it for classes for children from area school districts.
The sale is part of an effort to reduce overhead costs and commit more funds to programs. Officials hope money generated from the sale will help eliminate the agency’s $300,000 debt and enable the group to merge with the YMCA of Metropolitan Los Angeles. The Metropolitan YMCA will not go through with a merger until the Centinela YMCA is in the black, according to Wayne Hart, operations director of the Metropolitan YMCA.
“They had some outstanding liabilities that needed to be taken care of and the only way they could do it was to liquidate some of their assets,” Hart said.
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