Sares Regis Takes California Industrial Facility, Plans Expansion
- May 09, 2008
Sares Regis Group of Northern California has purchased Pinole Point Business Park in Richmond, Calif. The 475,000-square-foot property currently consists of three warehouse buildings spread over 30 acres. Sares Regis paid just over $50 million in the deal, which also includes 43 additional acres of surrounding vacant land along San Pablo Bay. Sares Regis plans to develop the vacant land by constructing four new warehouses and light industrial buildings, which will add an additional 580,000 square foot to the complex, bringing the total square footage to more than 1 million square feet. The new construction on the vacant land will cost approximately $43 million. Sares Regis Group will oversee the construction and act as the property manager. Jeff Birdwell, president of the commercial division of Sares Regis Group of Northern California, stated in a release that “the development opportunities on the adjacent land provided an added value play that we couldn’t pass up.” The company also regards the acquisition of the existing warehouse space as a key because, as Birdwell noted, “There is very little new speculative construction taking place in the area and the lack of available development opportunities and high land values will limit any new supply of industrial and warehouse product for years to come.” Sares Regis is a San Mateo, Calif.-based firm with more than 6.5 million square feet of commercial properties under its management. The company had been targeting the Richmond, Calif., region due to its central location, which includes access to the three Bay Area airports and metropolitan areas.