IRVINE, Calif.--(BUSINESS WIRE)--SARES-REGIS Group has leased or sold all seven premium headquarters buildings in Pacific Pointe at Douglas Park, its master planned commercial development next to Long Beach Airport. The buildings total 667,142 square feet. Pacific Pointe is the region’s largest collection of multiple LEED-certified buildings under the United States Green Building Council’s latest construction rating system.
“All seven buildings were delivered and sold in the last 12 months. We knew that premium buildings would be in great demand in the South Bay market. Nevertheless, we are gratified by the strong market response. This project exceeded our expectations,” said Larry Lukanish, senior vice president of SRG’s Commercial Investments Division.
The last three available buildings sold for a combined $54 million, Lukanish said. A 150,701-square-foot building was purchased by an investor for $19 million, a 135,000-square-foot building sold for $18 million to United Pacific, an automotive restorer and accessory designer and manufacturer, and a 125,000-square-foot building sold for $17 million to Turbo Air, a maker of refrigeration cases for restaurants and grocery stores. United Pacific and Turbo Air are consolidating operations from nearby Carson, he said.
Building sales opened one year ago at the 33.6-acre project. SRG acquired a total of 193.6 acres adjacent to the airport from Boeing Realty Corp. The property includes two aircraft hangars on 52 acres that were leased in 2013 for 15 years by Mercedes-Benz USA. Known as the Boeing 717 hangars, they total 1.1 million square feet. The balance of the property, approximately 100 acres, has potential for 3.2 million square feet of office, industrial, retail and hotel development, Lukanish said.
SRG was represented in all three transactions by CBRE brokers Brian DeRevere, John Schumacher and Tom Caplan. United Pacific was represented by Andrew Lara of Daum Commercial. CBRE’s Greg Dyer represented Turbo Air and the investor was represented by Joe McKay and Mike Wolfe 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.