CT REALTY INVESTORS ANNOUNCES NEARLY $60 MILLION OF RECENT INDUSTRIAL ACQUISITIONS WITH CLOSING OF ONTARIO PROPERTY
Company’s Acquisition of SKECHERS Building Marks Second Inland Empire Purchase This Month
ONTARIO, CA – August 27, 2010 – (RealEstateRama) — CT Realty Investors (www.ctrinvestors.com) of Aliso Viejo, Calif., has acquired the Archibald Business Center in Ontario, Calif., for $9.5 million. The property was purchased from Bixby Land Co. through a joint venture between CT Realty and Dallas-based Behringer Harvard Opportunity REIT II Inc.
The Ontario property represents CT Realty’s second Inland Empire purchase in as many weeks. CT and Behringer Harvard, in conjunction with additional joint venture partners Westcore Properties Inc. and Pacific Coast Capital Partners, recently acquired the 1.4 million-square-foot Cajon Distribution Center in San Bernardino, Calif.
Archibald Business Center, located at 2021 So. Archibald Ave. just north of State Highway 60 near the Ontario International Airport, is a 231,444-square-foot Class A industrial building featuring 24,960 square feet of corporate office space and 206,484 square feet of distribution/warehouse space. The building is 100 percent occupied by SKECHERS USA Inc.
The SKECHERS lease expires December 2011. Once SKECHERS relocates to its new 1.8 million-square-foot Inland Empire campus scheduled to be completed in the summer of 2011, CT plans to market the property for sale or lease to a new tenant looking for a high-profile corporate/regional headquarters with distribution or manufacturing capacity in one convenient location.
According to James “Watty” Watson, chief executive officer of CT Realty Investors, Archibald Business Center represents the latest acquisition for the firm in the rebounding Inland Empire marketplace. Over the past few months, the company has purchased six other industrial properties throughout the Inland Empire in the cities of Riverside, Moreno Valley, Chino and San Bernardino.
“Historically, this region has been a dynamic real estate market with a deep talent pool, and we believe the area is poised for a renewal of that growth and energy,” said Carter Ewing, CT’s director of acquisitions. “From an investment standpoint, Archibald Business Center features an outstanding location at a great basis well below replacement cost levels.”
CT Realty Investors provided equity financing for the joint venture acquisition through the company’s own CT California Fund VI. Behringer Harvard invested through its Behringer Harvard Opportunity Fund II REIT.
CT Realty represented itself and Behringer Harvard in the transaction. The seller was represented by Rick John with Collins Commercial in Ontario, Calif.
Since 1994, CT Realty Investors has raised capital and invested in a broad base of real estate investments through 10 independent CT-sponsored and managed Funds. During its history, CT Realty Investors has cycled $2.5 billion worth of product through more than 170 transactions. The focus of CT’s investment activities is to acquire well-located assets with the potential to enhance their value through a solid, hands-on approach. CT’s asset focus is on industrial, suburban office, and multi-family properties, as well as well-located self-storage facilities for its Storage Outlet brand.
In addition to its focus on commercial real estate investing, CT operates four separate discretionary Funds that own and operate self-storage facilities throughout the southland. CT, in its joint venture with KDF Communities, is also an active sponsor in the business of placing New Markets Tax Credits via its allocation from the U.S. Treasury Department (“NMTC”).
Contact:
Donna Hahn
Hahn Communications
(949) 458-3983
donna (at) hahnmarketing (dot) com
