I am happy to announce that the Sares-Regis Group, the developer which purchased a great deal of the Boeing property in the 5th Council District at Lakewood and Carson has signed an agreement with Mercedes Benz USA to occupy more than one million square feet at the former 717 Boeing site.
This is significant for Long Beach as it will bring needed jobs and property tax revenue. This transaction speaks to the excellence of the Sares-Regis Group as a developer and the fact that they are marketing the convenience and quality of Long Beach to potential businesses.
The City of Long Beach owes a big thanks to the leadership at Sares-Regis Group for their efforts.
As more details become available about how the site will be utilized by Mercedes Benz USA, I will send them along.
Please also note that a brand new Marriott has also opened on Lakewood Blvd.
City staff in Development Services assures me that the historic Fly DC Jets sign on the buildings will remain as part of an agreement with Boeing and Sares-Regis.
FOR IMMEDIATE RELEASE
CBRE Arranges Largest Single Infill Industrial Lease
in Los Angeles County in a Quarter Century
Mercedes-Benz USA to occupy more than one million square feet at former
Boeing manufacturing plant in Long Beach
LOS ANGELES, Calif. (July 8, 2013) – CBRE announced today that it has arranged the largest infill industrial lease in more than a quarter century in the Los Angeles area infill market.Mercedes-Benz USA has leased 1,091,754 square feet at the former Boeing 717 aircraft manufacturing facility in Long Beach in a long-term lease with landlord SARES-REGIS Group and Institutional Partner. The deal marks a significant milestone for the City of Long Beach, as the backfilling of the massive facility, which was vacated by Boeing in 2006, signifies a new era for the 52.2-acre site. The building is located at 4501 East Conant Street in Long Beach, immediately across the street from the Long Beach Airport and the 260-acre mixed-use development known as Pacific Pointe at Douglas Park.
CBRE’s John Schumacher and Brian DeRevere represented the landlord in the transaction.
“This is the largest infill industrial lease in the Los Angeles area in more than 25 years – to be able to replicate this kind of opportunity would be virtually impossible. There simply is no way to aggregate a +/- 50-acre site within the infill area of Los Angeles, let alone in such close proximity to the port of Long Beach,” said Mr. Schumacher. “It’s unlikely that we’ll see another opportunity for a contiguous parcel with these kinds of improvements within a 20-mile radius of the ports in the foreseeable future.”
The building is situated across the street from the 260 -acre mixed-use development known as Pacific Pointe at Douglas Park, which was acquired by SARES-REGIS Group and an Institutional Partner in several phases, including the most recent acquisition of 160 acres, completed in October 2012. The development includes plans for a future 26-acre retail project, a 50-acre office development and +/- 750,000 square feet of high end industrial development. In addition, a Marriott Courtyard hotel recently opened on Lakewood Boulevard.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
