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April 19, 2014
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The Foto Finisher

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Pacific Pointe at Douglas Park Sells Out


Weíve learned that all seven buildings that make up Pacific Pointe at Douglas Park in Long Beach have been sold. The master-planned development contains a total of 667.1k sf of space and is located next to Long Beach Airport.

Pacific Pointe is the regionís largest collection of multiple LEED-certified buildings under the United States Green Building Councilís latest construction rating system. It is a development of locally based Sares*Regis Group (SRG).

In the most recent activity, the final three available buildings sold for a combined $54 mil. The transactions include: A 150.7k sf building was purchased by an investor for $19 mil; a 135k sf building was purchased for $18 mil by United Pacific, an automotive restorer and accessory designer and manufacturer; and a 125k sf building was acquired for $17 mil by Turbo Air, a maker of refrigeration cases for restaurants and grocery stores. United Pacific and Turbo Air are consolidating operations from nearby Carson.

Building sales opened one year ago at the 33.6-acre project. SRG acquired a total of 193.6 acres adjacent to the airport from Boeing Realty Corp. The property includes two aircraft hangars on 52 acres that were leased in 2013 for 15 years by Mercedes-Benz USA. Known as the Boeing 717 hangars, they total 1.1 msf. The balance of the property, approximately 100 acres, has potential for 3.2 msf of office, industrial, retail and hotel development, according to Larry Lukanish, senior vice president of SRGís Commercial Investments Division.

SRG was represented in all three transactions by CBRE brokers Brian DeRevere, John Schumacher and Tom Caplan. United Pacific was repped by Andrew Lara of Daum Commercial. CBREís Greg Dyer represented Turbo Air and the investor was represented by Joe McKay and Mike Wolfe of Lee & Associates.

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