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.

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.

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.