|By Marketwired .||
|February 13, 2013 01:26 PM EST||
IRVINE, CA -- (Marketwire) -- 02/13/13 -- Land and distribution buildings totaling 2.1 million square feet that are planned by SARES-REGIS Group in a prime Southern California logistics hub have been purchased by Invesco Ltd., which is offering the buildings for lease. The 125-acre Chino South Logistics Center is the largest speculative industrial development in the Inland Empire.
The four warehouse and distribution buildings are slated for completion by SRG in the second quarter of 2014. They will range from 79,000 square feet to 780,000 square feet. SRG developed the site at the northeast corner of Euclid and Pine avenues. Terms of the sale were undisclosed but the Irvine-based real estate company had valued the completed project at $160 million, said Larry Lukanish, senior vice president in SRG's Commercial Investment Division.
"SRG will provide Invesco with completed LEED-certified buildings in a submarket with a less than 1-percent vacancy rate among Class A distribution facilities. There is great demand for these buildings. Chino is the closest big-box destination to the nearby ports of Long Beach and Los Angeles and is served by three major freeways," Lukanish said.
Representing SRG and Invesco were Darla Longo, Barbara Emmons and Rebecca Perlmutter-Finkel in CBRE's Los Angeles office and Tom Taylor and Steve Bellitti in Colliers Seeley's Inland Empire office.
"This will be the largest speculative project in the Inland Empire and it is well timed," Emmons said. "With vacancies at an all-time low and a huge tenant demand for big buildings, the Chino project will benefit from improving market conditions."
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.
The 20-year-old 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. The company also is Southern California's leading privately held developer of LEED-certified apartments and industrial buildings.