IRVINE, CA -- (Marketwire) -- 10/15/09 -- SARES REGIS Group and institutional investors
advised by J.P. Morgan Asset Management ("J.P. Morgan") acquired a
390,000-square-foot industrial building in Redlands, Calif., the first
purchase made by a new strategic alliance targeting high-quality Southern
California industrial buildings with the opportunity for added value
through leasing and management.
"This building fit nicely with our acquisition criteria of buying quality
buildings with vacancies or short-term leases," said Peter Rooney,
president of the Commercial Investment Division of the diversified Irvine,
Calif., real estate company.
SARES REGIS Group and the investors advised by J.P. Morgan purchased the
property for $11.5 million, which is significantly less than replacement
cost for the building that was completed in 2007, Rooney said. The
building's tenant, Sleep Innovations, a maker of memory-foam mattresses and
pillows, leases and occupies about half of the building.
The building is located at 9425 Nevada Street in a substantially built-out,
master-planned industrial park with buildings owned by a number of
prominent institutional real estate investors. Jeff Cole and Ed Hernandez
of Cushman & Wakefield represented the buyer and the seller.
SARES REGIS Group is one of the leading developers and managers of
commercial and residential real estate in the western United States. SARES
REGIS Group has a combined portfolio of property and fee-based assets under
management valued at more than $4 billion, including 15 million square feet
of commercial and industrial space and 16,656 rental apartments. Since its
inception the company has acquired or developed approximately 44 million
commercial properties and 19,000 multifamily and residential housing units.
For more information, visit www.sares-regis.com.
J.P. Morgan Asset Management is a global asset management leader providing
world-class investment solutions to institutions, individuals and financial
intermediaries. The firm is responsible for approximately $1.1 trillion in
assets under management (based on assets under management for the Asset
Management division of JPMorgan Chase & Co. as of June 30 2009), including
approximately $42.7 billion in real estate and infrastructure assets
managed by J.P. Morgan Asset Management - Global Real Assets. With a
39-year history of successful investing and a staff of approximately 375
professionals, J.P. Morgan Asset Management - Global Real Assets
identifies, analyzes, negotiates, acquires, develops, redevelops,
renovates, operates, maintains, finances and sells assets, on behalf of its
clients. J.P. Morgan Asset Management's broad investment capabilities and
framework for analyzing opportunities in today's complex real estate and
infrastructure markets provide critical insights for its institutional
clients in both the public and private markets.
