Save the date: RealShare L.A.comes to the Hyatt Regency Century Plaza in Los Angeles, CA on March 27, 2013

LONG BEACH, CA-Developer SARES-REGIS Group has started a $190-million, 194-acre project at the airport here that will offer about 3.9 million square feet of Class A office, industrial and retail space when it is completed in 2015.

The property is inside the Douglas Park complex, a 261-acre property that was owned and master-planned by locally based Boeing Realty Corp. The first two phases of the project by Irvine, Calif.-based SARES-REGIS calls for the construction of seven corporate-headquarters buildings with a total of 677,142 square feet of space on a 33.6-acre parcel.

Peter Rooney, president of the commercial investment arm of SARES-REGIS, says in a prepared statement that he's confident that the buildings in the development will sell or lease quickly, noting the steady growth of the airport, its central location between Los Angeles and Orange County, and its easy access to several freeways.

The location also has a special place in the history of Southern California's aerospace industry. More than 15,000 airplanes, including the legendary DC-3 transporter and B-17 bomber, were built there during World War II.

CBRE brokers Bob Smith, Brian DeRevere and John Schumacher represented both Boeing and SARES-REGIS in the transaction.

SARES-REGIS now has more than 6 million square feet of commercial space and nearly 2,000 residential units in various stages of development.