SARES-REGIS Group Completes First Land Sale at Douglas Park with Deal for Medical Offices Business Wire IRVINE, Calif. -- February 19, 2014 SARES-REGIS Group sold 5 acres of land at Douglas Park in Long Beach to a local developer that plans to build two Class A medical office buildings totaling 90,000 sq. ft. Larry Lukanish, Senior Vice President in SRG’s Commercial Investment Division, said the property was acquired by Urbana Development, LLC of Long Beach. The company is in partnerships with two groups of physicians on the project that is scheduled to break ground in March and set for early 2015 completion. The land was part of 160 acres adjacent to Long Beach Airport that SRG acquired in 2012 from Boeing Realty Corp. The 5 acres acquired by Urbana Development represents the first land sale on the property that SRG plans to develop with a potential 3.2 million sq. ft. of premier office, industrial and retail facilities. Brokers Rick Warner and John Ayoob in CB Richard Ellis’ South Bay office represented SRG. The buyer was represented by Jeff Colburn and Shaun McCullough at the Long Beach office of Lee & Associates. As a leading western United States real estate developer and property manager, SARES-REGIS Group has developed or acquired approximately 40 million square feet of industrial/commercial properties worth $3 billion since 1994 primarily in California. SARES-REGIS Group manages approximately 20 million square feet of commercial properties for its partners and investor clients. SARES-REGIS Group is also California’s leading privately held developer of LEED-certified buildings. Contact: SRG Zoe Solsby (949) 809-2400 or Art Barrett 714-309-3700
SARES-REGIS Group Completes First Land Sale at Douglas Park with Deal for Medical Offices
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