CT REALTY INVESTORS ACQUIRES MARCH AIR FORCE BASE INDUSTRIAL PROPERTY
CT Realty Investors Expands Inland Empire Industrial Portfolio to Three Million Feet
MORENO VALLEY, CA – April 7, 2011 – (RealEstateRama) — CT Realty Investors of Aliso Viejo, Calif., has acquired a 225,000-square-foot warehouse/distribution building located on the grounds of the March Air Reserve Base at 16875 Heacock in Moreno Valley, Calif., from March Philmar, LLC.
Known as the March Logistics Center building, the project was constructed as a build-to-suit for Phillips Electronics in 2000 and features 32 dock doors (all with full dock packages), 30-foot minimum clear height, 190-foot full concrete truck courts and a state-of-the-art ESFR fire sprinkler system. The building is located within the larger airport-related development known as the March Inland Port.
“We have been working on this acquisition for several months and look forward to greater involvement with the March Joint Power Authority and March Inland Port development,” said Carter Ewing, executive vice president of CT Realty Investors, adding, “With resurgent leasing activity throughout the Inland Empire and very little vacancy in this particular submarket, this asset will help anchor our commitment to the Moreno Valley area for years to come.”
CT Realty has been extremely active in the Inland Empire over the last 18 months. In 2010, CT Realty Investors acquired 13 properties in the Inland Empire in the communities of Ontario, San Bernardino, Riverside, Moreno Valley, Chino and Yorba Linda, totaling nearly 3.1 million square feet. CT recently leased 1.4 million square feet in San Bernardino to Hewlett Packard in a single transaction that has been billed as the largest industrial lease in the country this year. The San Bernardino property was acquired in 2010 in an investment partnership with San Diego-based Westcore Properties.
Several of CT’s other Inland Empire investments in 2010 were made through non-performing debt instruments acquired from financial institutions.
“We have a long history and deep commitment to the Inland Empire in our industrial and multi-family investment activities,” said James “Watty” Watson, CEO of CT Realty Investors. “We have a number of industrial investments throughout the Inland Empire and see robust absorption activity at all ends of the marketplace. The March Logistics Center building will be very accretive to our successful portfolio.”
Bill Heim and Eloy Covarrubias from Lee & Associates in Ontario, Calif., represented CT Realty Investors. Mike Harrison, Michael Chavez and Steve Harrison from Lee & Associates represented March Philmar, LLC. Equity financing for the acquisition was provided through CT’s California Fund VI and affiliated investors in an all-cash transaction.
Since its establishment in 1994, Aliso Viejo, Calif.-based CT Realty Investors has completed more than 200 transactions with value in excess of $2.5 billion through a series of 10 independent discretionary private equity real estate funds, and continues to invest in institutional quality industrial properties, debt instruments, multi-family properties and other income-producing assets. The focus of CT Realty’s investment activities is to acquire well-located assets in major markets with the potential to enhance their value through a solid, hands-on management approach. For further information, contact Carter Ewing at CT Realty Investors at (949) 330-5777 or visit www.ctrinvestors.com.
Contact:
Donna Hahn
Hahn Communications
(949) 458-3983
donna (at) hahnmarketing (dot) com
