SOURCE: SARES-REGIS Group
IRVINE, CA--(Marketwire - Oct 8, 2012) - SARES-REGIS Group acquired 160 acres at Long Beach Airport in Long Beach, Calif., and plans to develop the property with a potential for approximately 3.2 million square feet of premier office, industrial and retail facilities.
The purchase by SARES-REGIS Group closes out land sales at Douglas Park, a 261-acre property that was owned and master-planned by Boeing Realty Corporation. The Irvine, Calif.-based real estate company already is developing Pacific Pointe on 33.6 acres at Douglas Park. Construction is under way on seven premium corporate-headquarters buildings totaling 677,142 square feet.
"This is one of the largest and most exciting real estate purchases by SARES-REGIS Group. Boeing has created a world-class master plan that has transformed the area into one of the most desirable new business locations in Southern California," said Peter Rooney, president of SARES-REGIS Group's Commercial Investment Division.
Douglas Park at Long Beach Airport is centrally located between Los Angeles and Orange County and is served by several major freeways.
The 160 acres is made up of two 80-acre parcels and includes two former aviation production facilities. The aircraft production hangars were built at the outset of WWII by Douglas Aircraft Co., whose workers turned out some 15,000 airplanes, including the legendary DC-3 transport and B-17 heavy bomber at the site.
"We have a long and gratifying relationship with Boeing and have enjoyed a very good working relationship with the City of Long Beach," Rooney said.
Terms of the acquisition were undisclosed.
One of the 80-acre parcels includes the two large aircraft hangars and is known as the 717 Facility. One of the hangars is topped by an iconic neon sign that reads "Fly DC Jets." In 1997 McDonnell Douglas merged with The Boeing Company. Aircraft production at the facilities was ceased in 2006.
CBRE brokers Bob Smith, Brian DeRevere and John Schumacher represented both parties in the transaction.
SARES-REGIS Group is headquartered in Irvine, Calif., and is one of the leading developers and managers of commercial and residential real estate in the western United States. Currently, the company has more than 6 million square feet of commercial property and 1,962 residential units in pre-construction and development. SARES-REGIS Group has a combined portfolio of property and fee-based assets under management valued at more than $4 billion, including 15 million square feet of commercial and industrial space and more than 13,000 rental apartments. Since its inception the company has acquired or developed approximately 44 million square feet of commercial properties and 20,000 multifamily and residential housing units.
SARES-REGIS Group also is a leader in green and sustainable development and management of commercial and multifamily projects. The company is the largest privately held developer of green apartment units in Southern California and built the first sustainable speculative industrial project in Orange County. For more information, go to www.sares-regis.com.