(Read more on the industrial market.)
FONTANA, CA-Sares-Regis Group of Irvine has sold the three remaining warehouse and distribution buildings at its 3.1-million-sf Sierra Business Park to San Francisco-based AMB Property Corp. for $55 million. The three buildings that AMB acquired total nearly 605,000 sf, according to Larry Lukanish, vice president of SRG's commercial iInvestment division, who oversaw the disposition.
The sale of the three buildings closes out SRG's holding in the business park, where all six buildings have been leased or sold. SRG began developing the property in 2004 when it purchased 60 acres from LNR.
In 2005 the Irvine-based development firm acquired an additional 92 acres with two 1.1-million-sf buildings that were under development from LNR. SRG sold three buildings to users, which include Torrance-based tire manufacturer Tireco Inc., and Sole Technologies, maker of the Etnies line of sports footwear and apparel.
The three buildings acquired by AMB were 116,205 sf, 167,525 sf and 320,990 sf. Two of the buildings that AMB acquired were leased to American Sporting Goods and Hagen Pet Supplies. The third building was vacant.
Sierra Business Park is close to interstates 10, 15 and 215 and state highway 60. The property also is close to Ontario International Airport.
Brokers Darla Longo and Barbara Emmons at CBRE's Ontario office and Joe McKay and Mike Wolfe at Lee & Associates' Ontario office represented both SRG and AMB. Rreef was SRG's financial partner in the project.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
