SOURCE: SARES-REGIS Group
IRVINE, CA--(Marketwire - Jan 31, 2013) - 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 million.
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 locations."
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 and 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 Properties.
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 buildings.