Three Deals Announced By SARES•REGIS Group
For Douglas Park At Long Beach Airport
Irvine, CA. - SARES•REGIS Groupcompleted an agreement with Burnham USA Equities Inc. of Newport Beach for 26 acres for a planned hotel and retail center in Douglas Park, a master-planned mixed-use business district on the northern border of Long Beach Airport.
Larry Lukanish, senior vice president of SRG Commercial Development, said Burnham USA is planning The Village at Douglas Park with restaurants, shops and at least one hotelat Carson Avenue and Lakewood Boulevard.
In addition to the Burnham deal, Lukanish said 2.5 acres were purchased by Nautilus International Holding Company – parent to Metro Ports, one of the West Coast’s oldest terminal operators and stevedore companies. Construction is under way by SRG on the 40,000-square-foot headquarters building. The company is relocating from Wilmington, its headquarters since 1922.
The third deal was a two-acre land sale to 2H Construction of Signal Hill,which is planning to build industrial facilities totaling 40,000 square feet.
SRG is marketing two parcels totaling 25 acres for development with office, medical or flex commercial facilities.
“Douglas Park is the South Bay’s last tract of prime commercial land, and it’s attracting a lot of companies and investors who are planning for growth,” Lukanish said.
SRG purchased 194 acres at Douglas Park in 2011 and 2012 from Boeing Realty Corp. and has been actively developing, selling and leasing land and commercial facilities.
SRG developed and sold Pacific Pointe at Douglas Park, a 677,000-square-foot collection of premium headquarters distribution buildings, where Virgin Galactic recently announced it will base its LauncherOne satellite launch vehicle operations. SRG is planning a new 25-acre phase of Pacific Pointe for nearly 494,000 square feet of corporate headquarters and distribution facilities.
Other recent Douglas Park transactions by SRG include:
Universal Technical Institute, one of the nation’s leading automotive trade schools, agreed to lease a 136,965-square-foot building on 7 acres for build-to-suit administration and classroom space for about 900 students and instructors.
Shimadzu, a manufacturer of precision aircraft instruments, purchased 3.6 acres and plans a 53,000-square-foot headquarters at Douglas Park.
Urbana Development is under way on two Class A medical buildings on five acres. Urbana officials say more than half the 90,000-square-foot project is pre-leased.
In 2013 SRG signed Mercedes-Benz to a 15-year lease of a 52-acre site that included two aircraft hangars totaling 1.1 million square feet. The auto maker is converting the site into a West Coast training, and performance and vehicle prep center.
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.
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Contact:Art Barrett
714-309-3700
Zoe Solsby, SRG
949-809-2400