REDLANDS, CA-New York’s KTR Capital Partners has acquired a390,780-square-foot class A distribution building here fromSares-Regis Group for $17.6 million. The property, whichSares-Regis Group bought from an institutional investor in 2009 ina distress deal, is at 9425 Nevada St. and is situated on 18acres.

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Larry Lukanish, senior vice president in SRG’s CommercialInvestment Division, noted that at the time Sares-Regis bought theproperty, it was the first acquisition by a strategic alliancebetween SRG and an institutional investor. Half the building isleased by Sleep Innovations, a New Jersey-based maker ofmemory-foam mattresses and pillows.

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Completed in 2007, the building is in a substantially built-out,master-planned industrial park that contains several buildingsowned by a number of prominent institutional real estate investors,Lukanish said. Cushman & Wakefield brokers Jeffrey Cole, JeffChiate, Chuck Belden and Ed Hernandez represented SRG and KTRProperty Trust.

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The acquisition from Sares-Regis was one of two in the InlandEmpire recently by KTR, which said that an affiliate bought a300,000-square-foot warehouse at 3855 E. Jurupa St. in Ontario thatit plans to upgrade and reposition in the first quarter of 2011.According to industry sources, KTR bought the building from ToyoTires, which formerly operated a distribution center there.

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Brian Gagne, vice president of investments at KTR, called theacquisition “a unique opportunity to acquire a well-located, classA, bulk distribution warehouse in the heart of the Inland EmpireWest.” The acquisition brings KTR’s portfolio in SouthernCalifornia to more than 4.8 million square feet across 15 buildingsin Los Angeles and Orange counties and the Inland Empire.

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