Sares-Regis Builds $67M Center

The speculative industrial project will be developed in phases to be called Commerce Center I and Commerce Center II, according to the Irvine office of Sares-Regis, which has formed a partnership with Rreef Real Estate Investment Managers. The project's current plans call for two buildings totaling in excess of 1.1 million sf that are available for sale or lease. It is being listed by Mike Wolfe and Joe McKay of the Ontario office of Lee & Associates, with the buildings offered for sale or lease.Sares-Regis already has approximately 2.8 million sf of industrial projects under development in the Inland Empire, according to Bruce Bearer, SVP of Sares-Regis Group, who calls the Inland region "one of the fastest growing markets in the United States."Rialto Commerce Center I will be a 435,733-sf distribution building on nearly 25 acres on the northwest corner of Merrill and Cedar avenues, with completion scheduled for May. Rialto Commerce Center II will be a 705,476-sf distribution building on 32.4 acres at the southwest corner of Merrill and Cedar avenues. Groundbreaking will occur March 2005 with completion September 2005. The development site is near the Ontario International Airport as well as the Interstate 10 and the Interstate 210 freeways. It will also be near planned future access to the 215 Freeway by an extension of the 210 Freeway that anticipated for late 2007.Sares-Regis acquired the development sites from two separate sellers earlier this year, one from Vogel Industrial Properties and the other parcel from a private investor.