Sares Regis Group has taken a pause from adding to its Surf City portfolio via development by trading a pair of existing buildings it owns in the city.
The developer and investor recently sold two industrial buildings totaling 122,500 square feet in a $35.3 million deal.
Beverly Hills-based Crown Associates Realty paid about $288 per square foot for the buildings at 15301 and 15451 Springdale St., about a block away from each on a parcel totaling 6.3 acres.
Brad Bierbaum of CBRE Group Inc. represented Sares Regis in the deal, while CBRE’s Jeff Carr represented Crown Associates.
HQ Facilities
The two buildings, a few blocks from the Westminster Mall, were built in the late 1970s and were fully occupied at the time of sale.
A redevelopment is unlikely; the new owner is expected to continue to operate the industrial buildings as is.
Applied Computer Solutions occupies the 61,389-square-foot 1541 Springdale Street property, using the facility as its headquarters. The company has less than two years remaining on its lease.
The second 61,123-square-foot property is occupied by Enhanced Vision, a maker of vision aids, which has about nine years remaining on its lease. The company also uses the building as its headquarters.
That building at 15301 Springdale was recently renovated by Sares Regis in a multimillion-dollar project.
Boeing Base
Sares Regis has been on a buying and development spree in Huntington Beach over the past several years.
It has primarily done so by acquiring sites last used by Boeing (NYSE: BA), which has been shedding jobs and assets in the city over the past decade.
Sares Regis in 2019 added another 21.5 acres to its holdings along Bolsa Avenue last year, paying $41 million, or $1.9 million per acre, for the site, which is a few blocks from the just-sold Springdale St. buildings.
The company has also signed on Amazon as a tenant for the entire first phase of Huntington Gateway Business Park, a nearly 260,000-square-foot building with 18 acres of excess land currently under development at the intersection of Bolsa Chica Street and Bolsa Avenue.
