The first portion of that development—a seven-building industrial project on a 33.6-acre portion of Douglas Park now called Pacific Pointe—will run about 677,000 square feet and be offered for sale or lease.
The company announced last week the sale of a 91,145-square-foot building at the site, for $12.7 million. A Paramount-based manufacturer bought the building.
Sares-Regis bought another 160 acres at Douglas Park last October, which could hold up to 3.2 million square feet of office, industrial and retail space. A time frame for any new development on that site has not been announced.
The company last month sold a 305,361-square-foot building it just built on Sorensen Avenue in Santa Fe Springs, just north of the Orange County line off the Santa Ana (5) Freeway.
The buyer, Denver-based Industrial Income Trust, had agreed to purchase the building during early stages of construction. The deal was completed in January, according to the developer.
Brokerage data puts that building’s sale price at around $33.6 million, or $110 per square foot. Sares-Regis is said to have paid about $10.4 million, or about $18 per square foot, for the land.
The Sorensen Avenue property is the first large warehouse and distribution building completed in seven years in the Mid-Counties industrial market that straddles Los Angeles and Orange County, according to Larry Lukanish, Sares-Regis’ senior vice president.
Sares-Regis’ last industrial project in OC was for a trio of smaller buildings along Miraloma Avenue in Anaheim that totaled about 120,000 square feet. Those buildings sold out within a year of their construction in 2010.
The company also counts an active multifamily division, which has a 487-unit apartment project under way in Huntington Beach.