REDLANDS, CA-New York’s KTR Capital Partners has acquired a 390,780-square-foot class A distribution building here from Sares-Regis Group for $17.6 million. The property, which Sares-Regis Group bought from an institutional investor in 2009 in a distress deal, is at 9425 Nevada St. and is situated on 18 acres.
Larry Lukanish, senior vice president in SRG’s Commercial Investment Division, noted that at the time Sares-Regis bought the property, it was the first acquisition by a strategic alliance between SRG and an institutional investor. Half the building is leased by Sleep Innovations, a New Jersey-based maker of memory-foam mattresses and pillows.
Completed in 2007, the building is in a substantially built-out, master-planned industrial park that contains several buildings owned by a number of prominent institutional real estate investors, Lukanish said. Cushman & Wakefield brokers Jeffrey Cole, Jeff Chiate, Chuck Belden and Ed Hernandez represented SRG and KTR Property Trust.
The acquisition from Sares-Regis was one of two in the Inland Empire recently by KTR, which said that an affiliate bought a 300,000-square-foot warehouse at 3855 E. Jurupa St. in Ontario that it plans to upgrade and reposition in the first quarter of 2011. According to industry sources, KTR bought the building from Toyo Tires, which formerly operated a distribution center there.
Brian Gagne, vice president of investments at KTR, called the acquisition “a unique opportunity to acquire a well-located, class A, bulk distribution warehouse in the heart of the Inland Empire West.” The acquisition brings KTR’s portfolio in Southern California to more than 4.8 million square feet across 15 buildings in Los Angeles and Orange counties and the Inland Empire.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
