CT REALTY INVESTORS CONTINUES ITS INLAND EMPIRE SURGE
ONTARIO, CA – November 29, 2011 – (RealEstateRama) — CT Realty Investors Inc. (www.ctrinvestors.com) announced lease agreements today with Pacific Urethane LLC for 150,240 square feet and Precision Foam LLC for 43,492 square feet at 1671 Champagne Ave. in Ontario, Calif. Total consideration for the five-year leases is $3 million and $1 million respectively.
CT Realty acquired the 386,000-square-foot building earlier this year. The Aliso Viejo, Calif.-based company has been actively purchasing existing industrial product in the Inland Empire for the past 12 months, with almost five million square feet under ownership.
Pacific Urethane will occupy the majority of the northern half of the Champagne building and use the space to manufacture polyurethane foam buns to supply mattress, bedding and furniture manufacturers.
Precision Foam will use its space to fabricate foam products to be sold in the furniture and bedding industry.
Amcor PET Packaging, a global manufacturer of polyethylene terephthalate (PET), leases the remaining half of the building.
“The Champagne building is strategically located in the heart of the Inland Empire in what is known as the Inland Empire West Submarket,” said Carter Ewing, executive vice president of CT Realty. “The building was constructed in 1988 and is served by a Union Pacific rail spur which will be actively used by Pacific Urethane. The building has enjoyed significant renovation and retrofitting since its acquisition by CT and all construction efforts were managed by DBAC Inc., an Orange County-based general contractor.”
Jeff Smith of the Ontario office of Lee & Associates represented CT Realty in the lease transaction, with Scot Kelly of the Saywitz Co. in Newport Beach, Calif., representing Pacific Urethane and Precision Foam.
Since its establishment in 1994, 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.
Contact:
Donna Hahn
Hahn Communications
(949) 458-3983
donna (at) hahnmarketing (dot) com
