MAY 09, 2008
CT REALTY CORP. ACQUIRES FLEETWOOD HEADQUARTERS PROPERTY FOR $24.5 MILLION
RIVERSIDE, CALIF. – Newport Beach, Calif.-based CT Realty Corp. has acquired Citrus Park, a 12-building office and industrial park in Riverside, Calif., from Fleetwood Enterprises Inc. CT Realty purchased the property for $24.5 million, making the acquisition one of the largest purchases in the Inland Empire so far in 2008, according to CT Realty President Robert M. Campbell. Fleetwood Enterprises is one of the nation’s largest builders of manufactured housing and recreational vehicles.
Located on 43 acres in Riverside, Calif., just south of the 91 Freeway and west of Van Buren Boulevard, Citrus Park consists of 417,811 total square feet. Two of the buildings are two-story office buildings totaling approximately 78,115 square feet and the other ten buildings are single-story industrial office/warehouse buildings with an approximate total square footage of 332,695 square feet. The property is located within close proximity of the Ontario International Airport and the University of California at Riverside and enjoys convenient access to the 91 and 60 Freeways as well as Interstates 15 and 215. The project also provides easy access to business centers in the Counties of San Bernardino, Orange and Los Angeles as well as major employment centers near the Ontario Airport.
According to Campbell, Fleetwood Enterprises will remain a major tenant in two of the office buildings (approximately 78,115 square feet) currently used as Fleetwood’s national headquarters and located at 3125 and 3075 Myers St. Campbell stated, “Fleetwood Enterprises has a long, proud history as a leading manufacturer in this country, and we are happy to have entered into this agreement with them.”
He said that CT Realty plans to invest $7 million to redevelop Citrus Park into separate parcels available for both sale and lease to individual businesses. The entire site will also be renovated to offer a contemporary, campus-like business park environment for future owners and tenants involved in light industrial, light manufacturing, product development and assembly. The buildings will also offer large office facilities with additional capacity for fabrication, warehousing and outside storage.
“We remain very positive about investment in the Inland Empire, especially properties such as Citrus Park with its excellent location near major regional transportation corridors and important employment centers,” Campbell said. “Citrus Park is unique and irreplaceable, offering businesses low-cost industrial space, abundant offices and large lots for extensive parking and outside storage.”
CT Realty has been actively involved in the Inland Empire marketplace for several years and currently owns Magnolia Square in Riverside and self-storage facilities in Chino and Highland through its Storage Outlet subsidiary. Previously held Inland Empire properties include Crossroads Business Park and Mission Square Office Center, both in Riverside. The company also recently sold the Corona Village Apartments in Corona.
Rick Fuller of the Lee & Associates’ Riverside office represented both CT Realty and Fleetwood Enterprises in the Citrus Park transaction. Equity financing was provided by CT California Fund V and Fund VI, with debt financing provided by Pacific Coast Capital Partners.
Since its establishment in 1994, Newport Beach, Calif.-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 primarily in Southern California. 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, mixed-use and self-storage properties primarily in the purchase range of $5 million to $75 million.
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PHOTO CAPTION
RIVERSIDE, CALIF. – CT Realty Corp. has acquired Citrus Park, a 12-building office and industrial park in Riverside, Calif., from Fleetwood Enterprises Inc., for $24.5 million. Located south of the 91 Freeway, Citrus Park consists of 417,811 total square feet. Fleetwood Enterprises will remain a major tenant in two of the office buildings (approximately 78,115 square feet) currently used as Fleetwood’s national headquarters and located at 3125 and 3075 Myers St. Above: Fleetwood Enterprises’ building at 3125 Myers St.
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