SARES REGIS GROUP OF NORTHERN CALIFORNIA
ACQUIRES PINOLE POINT INDUSTRIAL PARK IN RICHMOND, CA

Plans Call for Developing Four New Buildings Adding 580,000 Square Feet of Space

SAN MATEO, CA – May 6, 2008 – Point Pinole Business Park, currently a 475,000 square foot of industrial park consisting of three warehouse buildings on thirty acres, plus an additional 43 acres of adjacent developable land, has been acquired by San Mateo-based Sares Regis Group of Northern California.  The property, located at the intersection of Atlas Road and Giant Highway in Richmond, was acquired from Pinole Point Properties, Inc.  An institutional capital partner financed the acquisition.

The business park includes three high quality warehouse and light industrial buildings, constructed between 1999 and 2001.  The property is strategically located near Highways 80, 580 and 780 corridors, providing convenient access to the Bay Area’s three international airports and the ports of Oakland and Richmond.

The adjacent 43 acres of property that was also acquired with the existing business park will be developed by adding four new warehouse and light industrial buildings that will total 580,000 square feet.  Construction is scheduled to begin in the first quarter of 2009 with completion in early 2010. The buildings are currently 82% occupied by six tenants and the 89,000 square feet of vacant space is in lease negotiations.  When completed, the business park will have a total of 1,055,000 square feet of state-of-the-art warehouse and light industrial space.

“We have been actively searching for ground up industrial development opportunities in the Bay Area for 10-years and the acquisition of Pinole Point Business Park provided Sares Regis Group an opportunity to further expand our commercial real estate holdings,” said Jeff Birdwell, president of the commercial division of Sares Regis Group of Northern California.  “The development opportunities on the adjacent land provided an added value play that we couldn’t pass up and helps us get back to our industrial development roots.”  The firm currently manages more than one-million square feet of industrial space in the East Bay area of the region.

Brokers Greig Lagomarsino, Todd Severson and Andy Zighelboim of Colliers’ Oakland represented the seller.  Sares Regis Group of Northern California will oversee the more than $43 million in new construction on the vacant land and serve as the property manager for the project.  Irvine-based Sares Regis Group, an affiliate of Sares Regis Group of Northern California, has actively collaborated on the acquisition of the business park and will help implement the future development of the new industrial product.

“The Richmond real estate market will always benefit from its central location,” said Birdwell.  “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 Group of Northern California and its affiliates, Regis Homes of Northern California and Regis Contractors of Northern California are regional companies based in San Mateo, California and are affiliated with Irvine-based Sares Regis Group.  One of the leading developers and managers of commercial and residential real estate in the western United States, today the companies have more than 6.5 million square feet of commercial properties valued at $500 million and over 2,800 residential units under development.  Sares Regis Group has a combined portfolio of property and fee-based management contracts valued at more than $4 billion, including 13,000 rental apartments and 15 million square feet of commercial and industrial space.  Since its inception the company has acquired or developed approximately 44 million square feet of commercial properties and 19,000 multifamily and residential housing units.

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