LONG BEACH, CA-Local developer Urbana Development LLC has acquired five acres of land in Long Beach's Douglas Park from the Sares-Regis Group for an undisclosed amount. The developer plans to build two class-A medical office buildings on the site.

Urbana Development is partnering with two groups of physicians on this project, and has already completed design plans for the project. The two medical office buildings will total 90,000 square feet. The project will break ground next month and completion is scheduled for 2015. 

The five-acre plot is part of an 80-acre site Sares-Regis Group purchased from Boeing Realty Corp. in 2012 with entitlements for 3.2 million square feet of development space, both office, retail, hotel and industrial. SRG plans to break up the 80 acres and sell portions of the site to developers along with the entitlements. This five acres land sale is the first portion of land the company has sold. "We have lots of irons in the fire. We are taking opportunities as they come to us, and either selling land to other developers or we are doing build-to-suits," Larry Lukanish, SVP of Sares-Regis Group, tells GlobeSt.com, who adds that the company is currently under contract to sell four more acres to a developer for an industrial project.

CB Richard Ellis brokers Rick Warner and John Ayoob represented Sares-Regis Group in the transaction while Jeff Colburn and Shaun McCullough of Lee & Associates Long Beach office represented Urbana Development.

SRG owns an adjacent 80-acre industrial site across from Lakewood Blvd, which it purchased at the same time from Boeing Realty Corp. Mercedes Benz leased 52 acres of the site for its vehicle-prep center, and plans to occupy by the end of the year. "We also have an additional 25 acres that we are currently entitling for another industrial project," says Lukanish.

Earlier this week, GlobeSt.com reported that SRG leased or sold the seven headquarters buildings the company owns at another Douglas Park site. The value oft the transaction was $52 million.