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REDLANDS, CA-Sares-Regis Group and institutional investors advised by J.P. Morgan Asset Management have acquired a 390,000-square-foot warehouse and distribution building here from BlackRock for $11.5 million in the first purchase made by a new strategic alliance of the buyers that is targeting high-quality industrial buildings throughout Southern California that offer value-add possibilities via leasing and management. The venture’s new asset is at 9425 Nevada St. in a substantially built-out master-planned development called Pioneer Industrial Center where other institutional owners include ProLogis, Watson Land Co., Rreef, USAA and Trammell Crow.

Peter Rooney, president of the Commercial Investment Division of Irvine-based Sares-Regis, says that the 9425 Nevada building will “fit nicely with our acquisition criteria of buying quality buildings with vacancies or short-term leases.” He describes the purchase price as “significantly less than replacement cost for the building,” which was completed in 2007. About half of the building is occupied by Sleep Innovations, a maker of memory-foam mattresses and pillows.

The new owners acquired the Nevada Street building in a transaction that was brokered by the Cushman & Wakefield team of Jeffrey Cole, Chuck Belden and Ed Hernandez from the brokerage firm’s Orange County office, who represented both parties in the sale. Cole comments that the deal “reflects the beginning of a more promising outlook” in the industrial investment sales market. “There are still investors in search of the right opportunity, and Sares-Regis recognized this in Pioneer Industrial, a well-located, quality product,” Cole adds.

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