IRVINE, Calif., June 23, 2017 /PRNewswire/ -- SARES REGIS Group announced the sale of a build-to-suit facility on seven acres that is occupied by Universal Technical Institute at Douglas Park in Long Beach, California, to Rexford Industrial Realty of Los Angeles, California, for $30.6 million.
"In 2015, we completed the 136,965-square-foot building for UTI, which signed a 15-year lease. The LEED-certified, Class A facility has administration and classroom space for 800 students and instructors," said Larry Lukanish, SRG Commercial senior vice president.
The 4175 East Conant Street building is adjacent to Long Beach Airport and on part of the 193.6 acres that SRG acquired in 2012 from Boeing Realty Corporation, which master planned Douglas Park.
SRG recently completed a 140,000-square-foot building – the final building in Pacific Pointe East at Douglas Park – that is now available for lease. The LEED-certified building has 20,000 square feet of office area and is at the corner of Conant Street and Lakewood Boulevard.
Close to the twin ports of Los Angeles and Long Beach, the Long Beach and South Bay industrial submarkets are two of the tightest in the nation, according to CBRE.
CBRE's Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the buyer and SRG. CBRE's John Schumacher, Brian DeRevere and J.B. Green were the local market experts on the deal.
SARES REGIS Group of Irvine, California, is a privately held real estate development, investment and management firm that focuses on commercial properties and multifamily communities in the western U.S. Since its founding in 1993, SRG has developed and acquired more than $7 billion in commercial and residential assets. The company manages a combined portfolio of approximately 21 million square feet of office and industrial space and 17,300 apartment units.
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SOURCE SARES REGIS Group