SOURCE: SARES-REGIS Group

SARES-REGIS Group

December 09, 2010 19:00 ET

SARES-REGIS Group Sells Redlands, Calif., Distribution Building to KTR Property Trust

IRVINE, CA--(Marketwire - December 9, 2010) - SARES-REGIS Group sold a 390,780-square-foot Class A distribution building in Redlands, Calif., to KTR Property Trust I for $17.6 million.

Larry Lukanish, senior vice president in SRG's Commercial Investment Division, said SRG acquired the building at 9425 Nevada Street in October 2009 from an institutional investor as a distressed sale. It was an acquisition by a strategic alliance between SRG and a prominent institutional investor. Half the building is leased by Sleep Innovations, a New Jersey-based maker of memory-foam mattresses and pillows.

Completed in 2007, the building is in a substantially built-out, master-planned industrial park that contains several buildings owned by a number of prominent institutional real estate investors, Lukanish said.

Cushman & Wakefield brokers Jeffrey Cole, Jeff Chiate, Chuck Belden and Ed Hernandez represented SRG and KTR Property Trust.

SARES-REGIS Group of Irvine, Calif., 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 4 million square feet of commercial industrial in the entitlement process 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 16,139 rental apartments. Since its inception, the company has acquired or developed approximately 44 million square feet of commercial properties and 19,000 multifamily and residential housing units. For more information, go to www.sares-regis.com.

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