PICO RIVERA, CA-Buyers have acquired the last three buildings at developer Sares-Regis Group’s Pico Rivera Commerce Center, bringing to $140 million the total of sales and leases at the 100-acre, 2.1-million-sf project. CB Richard Ellis, listing agent for the development, reports that the last remaining three industrial buildings were sold to Studio RTA for 186,384 sf, Partschannel, Inc. for 102,110 sf and Garvey Nut for 45,226 sf.Pico Rivera Commerce Center occupies a site at the junction of Washington and Paramount Boulevards, adjacent to the 600,000-sf Pico Rivera Towne Center, which is anchored by Wal-Mart and Lowe’s. Owner-developer Sares-Regis of Irvine purchased and began construction of the site in 2002, and since then has leased and sold buildings at the site throughout its development, with the team of Privett, Stephens and Fults as listing agents.Sares-Regis acquired the 150-acre former Northrop Grumman B2 Stealth Bomber manufacturing facility in the summer of 2001 and immediately sold off a 50-acre parcel developer Vestar, which then built the Pico Rivera Towne Center. Before Northrop Grumman’s occupancy, the site functioned as a Ford Motor Co. auto assembly plant. Sares-Regis completed its 10th and final building in May. The 10 buildings sit in a campus-style setting with extensive landscaping and open spaces. Privett describes the project as “the last major development site in the Central Los Angeles market.” The project is one of a number of former aerospace facilities throughout the Los Angeles Basin that have since been converted to other uses, many of them retail centers, warehouses and industrial buildings. Tenants at the Pico Rivera Commerce Center include Los Angeles Unified School District, 391,250 sf; Iron Mountain, 244,745 sf; Studio RTA, 186,384 sf; Amini Innovation Corp., 303,878 sf; GRM, 170,371 sf; Aurora World, 176,552 sf; Partschannel, Inc., 102,110 sf; Garvey Nut and Candy, 45,226 sf; Boise Cascade Office Products, 46,116 sf; Allegheny Technology, 95,890 sf; Door to Door Storage, 79,140 sf; and Time Sensitive Transportation, 23,521 sf.

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