SANTA FE SPRINGS, CA-Owner-users have spent $33 million to buy all eight of the buildings at Phase II of Bloomfield Business Center, a 20-acre, 386,044-sf industrial park of free-standing buildings, according to CB Richard Ellis. Laird Perkins of the Torrance office of CB Richard Ellis, the listing agent for the development, reports that escrow has closed on the final building of the project, which was completed in November.
The class A business center is situated at the southeast corner of Florence and Bloomfield avenues. It was developed by Sares-Regis Group in a venture with Rreef.
The developers bought the site and began construction in 2004, with Perkins representing the ownership in all of the sales. He points out that the closing of all of the sales so soon after the completion of construction illustrates the continued demand for owner-user buildings in the Santa Fe Springs submarket.
The 20-acre Phase II is part of the 95-acre Bloomfield Business Park, which is being marketing by Perkins and is being built in three phases. Phase I and recently completed Phase II comprise approximately 40 acres and nearly one million sf.
With both of the first two phases sold out, Phase III is anticipated to accommodate up to an additional one million sf. Sares-Regis Group expects to deliver the final phase by the end of 2006, says Peter Rooney, president of the commercial investment division at Sares-Regis.
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