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1/09/13
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Industrial Income Trust has agreed to purchase a new 305.4k sf warehouse/distribution building currently under construction in Santa Fe Springs. The facility, representing the first large warehouse and distribution building completed in LA’s Mid Counties submarket over the past seven years, was sold by the developer, SARES•REGIS Group, for $29 mil, or around $95/sf.
The building is located on 13.3 acres at 9306 Sorenson Ave, south of Slauson Ave and east of Norwalk Blvd. It is built to LEED standards with 32 feet of clear height, ESFR Sprinklers, a 145-foot concrete truck court and 55 truck doors.
It 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, said Larry Lukanish, senior vice president at the Irvine, Calif., development company.
Clyde Stauff, senior executive vice president of Colliers International, represented both parties in the transaction. According to Stauff, the vacancy rate for large buildings in the Mid Counties market is less than 4 percent and has declined steadily from nearly 7 percent at the peak of the recession.
Since 2002, SARES•REGIS Group has developed 11 industrial buildings totaling 830k sf on 39 acres in Santa Fe Springs. The company, along with its partners and investor clients, own commercial and residential assets valued at more than $4 bil. This portfolio consists of 15 msf of commercial space and more than 14,000 apartments. SARES•REGIS Group is currently under way on residential and commercial projects valued at more than $3.3 bil throughout California.
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