Sares-Regis Secures Largest Single Infill Industrial Lease in Los Angeles County in 25 Years
Mercedes-Benz USA has leased the long-vacant former Boeing 717 aircraft manufacturing facility at 4501 E. Conant St. in Long Beach, CA in a transaction being touted as the largest single infill industrial lease in Los Angeles County in a quarter-century.
The 1,091,754-square-foot industrial complex is situated on an approximately 52.2-acre parcel. The building was once a Boeing 717 manufacturing facility before being acquired by the Sares-Regis Group.
Although the luxury car maker has yet to reveal its specific plans for the site, the deal marks a significant milestone for the Long Beach market in backfilling the massive facility, which was vacated by Boeing in 2006 and is located across the street from the Long Beach Airport and the 260-acre, mixed-use development known as Pacific Pointe at Douglas Park, which was acquired by Sares-Regis and an institutional investor in several phases completed in October 2012. The development includes plans for a future 26-acre retail project, a 50-acre office development and approximately 750,000 square feet of new bulk industrial development.
John Schumacher and Brian DeRevere of CBRE represented the landlord, Sares-Regis Group. Tres Reid of CBRE represented the tenant.
"This is the largest infill industrial lease in the Los Angeles area in more than 25 years," said CBRE's Schumacher in a statement announcing the deal. "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. 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."