CT REALTY INVESTORS ADDS TO BURGEONING CALIFORNIA INDUSTRIAL PORTFOLIO
CT Acquires Two Class “A” Inland Empire Warehouse Buildings and Future Development Land
ALISO VIEJO, CA – August 18, 2011 – (RealEstateRama) — CT Realty Investors Inc. (www.ctrinvestors.com) has acquired the Dowling Orchard Business Park which includes two new state-of-the-art industrial warehouse buildings totaling 572,143 square feet as well as 30 acres of land entitled for another 611,000-square-foot building. The property is located at 520 Fourth St. and 415 Nicholas Rd. in Beaumont, Calif.
The property was acquired from Oakmont Dowling Orchard, LLC for an undisclosed price that was “well below replacement cost, in keeping with our opportunistic investment strategy,” according to Carter Ewing, Executive Vice President of CT Realty Investors. “Considering that this is a best-in-class product offering at a very favorable cost basis, this CT project is well positioned to be the most competitive big box leasing alternative in the marketplace. Furthermore, we have structured our acquisition to provide users with a compelling purchase option, which further distances CT from our competition.”
“The all-cash closing occurred in less than 60 days from opening of escrow to close,” Ewing said, and was facilitated by Bill Heim and Eloy Covarrubias of Lee & Associates Ontario, who also represented the seller. Heim and Covarrubias also will handle the project marketing for CT Realty going forward.
The larger 444,455-square-foot building features 85 dock doors (all with full dock packages), 32-foot minimum clear height, 445 parking stalls with abundant trailer storage and a state-of-the-art ESFR sprinkler system. The smaller 127,688-square-foot building features 14 dock doors (all with full dock packages), 32-foot minimum clear height, 128 parking stalls and an ESFR fire sprinkler system.
The 30.18 acres of entitled land will accommodate a to-be-built 611,000-square-foot industrial building which is in the design and engineering phase with construction scheduled in 2012. This will allow CT to offer up to 1.2 million square feet to a single user in a secure campus environment, or to provide a 611,000-square-foot building tailored to suit the specific needs of a large industrial user contiguous to the other two existing buildings.
CT has been active over the past year acquiring nearly four million square feet of Class A industrial buildings in the Inland Empire. Strong tenant demand has led to significant leasing accomplishments within the portfolio, including a recent 1.4 million-square-foot lease to Hewlett Packard at CT’s Cajon Distribution Center in San Bernardino, as well as several other leases ranging from 95,000 to 200,000 square feet.
Since its establishment in 1994, Aliso Viejo, Calif.-based CT Realty Investors has completed more than 220 transactions with a value in excess of $2.5 billion through independent syndications and a series of 11 independent discretionary private equity real estate funds. CT continues to invest in institutional quality industrial properties, office buildings, debt instruments and multi-family properties. CT seeks to invest on behalf of its affiliates in the southwestern United States, primarily focused in California. The focus of CT Realty’s investment strategies is to acquire well-located assets in major markets at a favorable basis with the potential to enhance 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
