RIVERSIDE, CA – September 29, 2011 – (RealEstateRama) — Aliso Viejo, Calif.-based CT Realty Investors Inc. (www.ctrinvestors.com) has sold two office buildings at its 43-acre Citrus Park West business park in Riverside, Calif., to the County of Riverside for $6.6 million. The Citrus Park West transaction is the second Inland Empire sale for CT Realty Investors in as many weeks.
The two office buildings, located at 3125 and 3075 Myers St. just south of the 91 Freeway and west of Van Buren Boulevard, total 78,116 square feet and previously served as the national headquarters for Fleetwood Enterprises Inc. CT Realty purchased Citrus Park in 2008 from Fleetwood and subsequently converted the 417,811-square-foot, 12-building property to a multi-tenant business park offering office and warehouse buildings for sale or lease from 30,000 square feet to 55,000 square feet.
Citrus Park West offers warehousing and manufacturing facilities with generous office components and outside storage opportunities. The entire site was renovated to feature a contemporary, campus-like business park environment for future owners and tenants involved in light industrial, light manufacturing, product development and assembly. Improvements include facade upgrades, electrical upgrades, paving, enhanced landscaping and a coordinated sign program.
Citrus Park West is located near the University of California at Riverside and enjoys convenient access to the 91 and 60 Freeways as well as Interstates 15 and 215. The site also provides easy access to business centers in San Bernardino, Orange and Los Angeles counties.
According to James “Watty” Watson, president and CEO of CT Realty, the County plans to use the office space for its Department of Mental Health and a data center. “The park-like setting of this CT project, combined with its ideal proximity to the 91 Freeway at Van Buren with excess parking availability, positioned Citrus Park West as an ideal location for the County’s use,” Watson said.
CT Realty was represented by Dave Mudge and Tom Pierik with Lee & Associates’ downtown Riverside office in the transaction, with the County of Riverside representing itself. “CT has a long history of investing and deep relationships throughout Riverside County and is delighted to add this County operation and its people to the Citrus Park West family,” Watson said.
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 and multi-family properties in the southwestern United States.
Properties acquired in California are located in the following counties: Alameda, Contra Costa, El Dorado, Fresno, Glenn, Kern, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Clara, Solano, Sonoma, Stanislaus and Tulare. 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.
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