Sares-Regis Group buys Redlands building
Sares-Regis Group and institutional investors advised by J.P. Morgan Asset Management have acquired a 390,000-square-foot warehouse and distribution building in Redlands from BlackRock for $11.5 million in the first purchase made by a new strategic alliance of the buyers "that is targeting high-quality industrial buildings throughout Southern California that offer value-add possibilities via leasing and management," according to a news release. The venture's new asset is at 9425 Nevada St. in a built-out master-planned development called Pioneer Industrial Center. The transaction was brokered by the Cushman & Wakefield team of Jeffrey Cole, Chuck Belden and Ed Hernandez from the brokerage firm's Orange County office, who represented both parties in the sale.
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