SARES-REGIS Group Sells First Building at Pacific Pointe at Douglas Park Next
to Long Beach Airport
IRVINE, CA -- (Marketwire) -- 01/31/13 -- The first building
completed by SARES-REGIS Group, one of seven at Pacific Pointe at
Douglas Park in Long Beach, has been sold. Providence Industries, an
apparel maker for the imprintable and private-label industries,
purchased the 91,145-square-foot building for approximately $12.7
Buyer interest in SRG's seven premium corporate headquarters
buildings "is gaining momentum," said Brian DeRevere of CBRE. "What
we're seeing is the start of the vision for the master-planned
project coming true," he said.
The Irvine, Calif., real estate company is developing the
677,142-square-foot business park on 33.6 acres adjacent to Long
Beach Airport. SRG also is planning the future for an adjacent 160
acres it acquired late last year, closing out land sales at Douglas
Park, a 261-acre master plan by Boeing Realty Corporation.
Larry Lukanish, senior vice president in SRG's Commercial Investment
Division, said the buildings at Pacific Pointe are a new generation
of facility by SRG. They accommodate high-image corporate operations
along with 30-foot-clear-height distribution space. Pacific Pointe is
Southern California's largest collection of LEED-certified buildings
for sale or lease.
DeRevere said the buyer is relocating and expanding from its
headquarters facilities in Paramount, Calif., and is among several
companies interested in relocating to Pacific Pointe.
"There are few Class A industrial buildings available in Southern
California and even fewer that are for sale," DeRevere said.
"Its location, near the airport, the ports, Orange County and
freeways, is a major attraction. Plus, for a number of years Long
Beach hasn't had any new industrial development," he said. "It's the
desire of many local companies -- given the low interest rates and
better balance sheets -- to purchase Class A buildings in premium
The remaining Pacific Pointe buildings range from 33,745 square feet
to 150,701 square feet. They have two-story executive office space, 3
percent skylights, load leveling and energy-efficient T-5 fluorescent
lighting on sensors. The buildings will have secure concrete truck
courts, dock-high a
nd grade-level loading.
SRG was represented by DeRevere in CBRE's Orange, Calif., office, and
John Schumacher at CBRE's South Bay office. Providence Industries,
also known as MyDyer, offers the most current fashions through
leading-edge technology in fabrics, construction, color and
finishing, was represented by Chuckie Lyons of Lyons & Lyons
As a leading western United States real estate developer and manager,
SARES-REGIS Group along with its partners and investor clients own
commercial and residential assets valued at more than $4 billion. The
company's management portfolio consists of 15 million square feet of
commercial space and more than 14,000 apartments.
Now in its 20th year, SARES-REGIS Group is under way on residential
and commercial projects valued at more than $3.3 billion throughout
California. Since its inception, SARES-REGIS Group has acquired or
developed 50 million square feet of commercial properties and 20,000
homes and apartments.
SARES-REGIS Group is Southern California's leading privately held
developer of LEED-rated multifamily communities and commercial
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2216137
Press spacebar to pause and continue. Press esc to stop.