JANUARY 30, 2007
CT REALTY CORP. ACQUIRES COMMERCIAL PROPERTIES IN HUNTINGTON BEACH FOR $20 MILLION
Plans Under Way to Redevelop Properties
NEWPORT BEACH, CALIF. – CT Realty Corp. has purchased two office and flex/industrial properties in Huntington Beach, Calif., for a combined purchase price of $20 million. The transaction includes Huntington Beach Plaza and Huntington Beach Commerce Center, both of which were acquired from Arden which was recently purchased by GE. The company will invest approximately $1 million in improving the properties.
Huntington Beach Plaza consists of two two-story office buildings offering a combined total of 56,285 square feet of leasable space. The property is located at 5762 and 5772 Bolsa Ave. on 2.9 acres. Primarily demised into small office suites, the site offers approximately four parking spaces per 1,000 square feet. Current occupancy is at 77 percent, with three vacant suites available. CT Realty plans to improve and redesign the two larger suites into smaller units of 2,500 to 3,500 square feet to better reflect the market demand. Additional improvements will be made to unit interiors throughout the property both as a general upgrade and to meet tenant specific requirements.
Huntington Beach Commerce Center is located at 15121 Graham St. and 5445 Oceanus Dr. near the intersection of Bolsa Avenue and Graham Street. The center, situated on 3.1 acres, encompasses two single-story flex/industrial buildings offering a combined total of 69,849 square feet of leasable space. Well designed for manufacturing and distribution uses, the property features 26 ground-level loading doors with 20-foot clear heights. The buildings are near 100 percent occupancy.
According to Robert M. Campbell, president of CT Realty, the properties enjoy excellent access to multiple freeways, the Los Angeles ports and all levels of residential living.
“Vacancy in the area is practically non-existent and businesses stay for many years in these excellent locations,” Campbell said. “In addition, these properties are centrally located in the city’s predominant office and industrial region off Bolsa Avenue, adjacent to Sharp Electronics, Quiksilver and the Boeing campus that will receive an influx of more than 3,000 new workers over the next few years.”
Equity financing for the acquisition was provided by CT California Fund V, with GE Capital Corp. providing the debt financing. Both CT Realty and the seller were represented by Peter Andrich and Bob Goodmanson of CBRichard Ellis in Newport Beach, Calif.
Since its establishment in 1994, Newport Beach-based CT Realty Corp. has completed more than 140 transactions totaling more than $2 billion, which includes acquisitions, sales, development and redevelopment. In addition, the company provides development equity financing through strategic partnerships with developers in the Southwest. The focus of CT Realty’s investment activities is to acquire well-located assets with the potential to enhance their value through a solid, hands-on approach. Asset types are industrial, suburban office, multi-family, senior housing, retail, golf course and self-storage properties primarily in the purchase range of $5 million to $75 million.
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PHOTO CAPTION
NEWPORT BEACH, CALIF. – CT Realty Corp. has purchased two office and flex/industrial properties in Huntington Beach, Calif., for $20 million. The properties are Huntington Beach Plaza, located at 5762 and 5772 Bolsa Ave., and Huntington Beach Commerce Center, located at 15121 Graham St. and 5445 Oceanus Dr. CT Realty acquired the properties from Arden which was recently purchased by GE. Huntington Beach Plaza consists of two two-story office buildings offering a total of 56,285 square feet of leasable space, while Huntington Beach Commerce Center encompasses two single-story flex/industrial buildings with a total of 69,849 square feet.
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