SOURCE: SARES REGIS Group

SARES REGIS Group

October 15, 2009 20:01 ET

SARES REGIS Group and Institutional Investors Advised by J.P. Morgan

Asset Management Acquire 390,000-Square-Foot Redlands, Calif., Industrial Building

IRVINE, CA--(Marketwire - October 15, 2009) - SARES REGIS Group and institutional investors advised by J.P. Morgan Asset Management ("J.P. Morgan") acquired a 390,000-square-foot industrial building in Redlands, Calif., the first purchase made by a new strategic alliance targeting high-quality Southern California industrial buildings with the opportunity for added value through leasing and management.

"This building fit nicely with our acquisition criteria of buying quality buildings with vacancies or short-term leases," said Peter Rooney, president of the Commercial Investment Division of the diversified Irvine, Calif., real estate company.

SARES REGIS Group and the investors advised by J.P. Morgan purchased the property for $11.5 million, which is significantly less than replacement cost for the building that was completed in 2007, Rooney said. The building's tenant, Sleep Innovations, a maker of memory-foam mattresses and pillows, leases and occupies about half of the building.

The building is located at 9425 Nevada Street in a substantially built-out, master-planned industrial park with buildings owned by a number of prominent institutional real estate investors. Jeff Cole and Ed Hernandez of Cushman & Wakefield represented the buyer and the seller.

SARES REGIS Group is one of the leading developers and managers of commercial and residential real estate in the western United States. 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 16,656 rental apartments. Since its inception the company has acquired or developed approximately 44 million commercial properties and 19,000 multifamily and residential housing units. For more information, visit www.sares-regis.com.

J.P. Morgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries. The firm is responsible for approximately $1.1 trillion in assets under management (based on assets under management for the Asset Management division of JPMorgan Chase & Co. as of June 30 2009), including approximately $42.7 billion in real estate and infrastructure assets managed by J.P. Morgan Asset Management - Global Real Assets. With a 39-year history of successful investing and a staff of approximately 375 professionals, J.P. Morgan Asset Management - Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.

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