RANCHO CUCAMONGA, CA-Sares-Regis Group plans to develop a four-building, 200,000-sf industrial project on 9.2 acres on Rochester Avenue near I-15 Freeway that the company recently acquired for $2 million from Schlosser Forge, a maker of forged rings for the automotive and aircraft engine industry. Sares-Regis plans to begin development in July, with completion planned for the fourth quarter of 2004, says Larry Lukanish, Irvine-based VP of commercial investment for the company. Upon completion, the project will be valued at $14 million. Its four dock-high buildings will range from 38,000 sf to 57,000 sf.Joe McKay and Randy Kuttler of Lee & Associates in Ontario represented Sares-Regis Group and Schlosser Forge in the land transaction and will be marketing the buildings both for sale and for lease. Sares-Regis is one of a number of companies with projects under way in the Inland Empire industrial market, which remains one of the strongest in the country, according to brokerage company reports. Demand for buildings of all sizes remains steady, ranging from small and medium for-lease and owner-user buildings to big box warehouses, according to first-quarter reports. Sares-Regis Group has been active in the Inland Empire in recent years, having sold a 983,986-sf warehouse at Redlands Business Center to USAA Real Estate Co. last year after developing it as a build-to-suit. The company is a diversified developer and manager of residential and commercial real estate in the western US. It has acquired or developed approximately 36 million sf of commercial properties and 18,000 housing units and has more than 3.5 million sf under commercial development. The company manages more than 12,000 apartment units and 14 million sf of commercial real estate.

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