Rexford Industrial acquires Long Beach property from Sares-Regis for $31M

Rexford Industrial Realty bought a 141,332-square-foot building near the Long Beach Airport for $30.6 million, the company announced this week.

The REIT paid the seller, Sares-Regis Group, $215 a square foot for the Class A industrial property. The two-story building at 4175 E. Conant Street is home to Universal Technical Institute Inc. (UTI), one of the country’s largest automotive trade schools. UTI has 13 years remaining on its lease. 

Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter and Michael Kendall of CBRE brokered the deal.

Built in 2015, the property is just one piece of the larger 161-acre Douglas Park project that Sares-Regis master-planned, developing some parcels while selling others. It sits on the former Boeing Co. land in northeast Long Beach.

Sares-Regis, which is based in Irvine, acquired the massive property for $73.5 million in October 2012, according to Real Capital Analytics.

One of the final projects underway at Douglas Park is a four-building office condominium complex being developed  by Long Beach-based Urbana Development. The first phase will total more than 50,000 square feet on the corner of Conant Street and Bayer Avenue. Construction is expected to finish this fall, according to the Press-Telegram.

A five-story Hampton Inn/Homewood Suites hotel is also under construction immediately north of Urbana’s development.

UTI’s neighbors include Mercedes-Benz USA’s West Coast headquarters, Shimadzu Precision Instruments and Virgin Galactic’s assembly plant.