August 28, 2008

CT REALTY CORP. PURCHASE OFFICE PROPERTY IN HEART OF VENTURA

VENTURA, CALIF. – CT Realty Corp. of Newport Beach, Calif., has acquired the Ventura Professional Center from Security National Properties Funding II for $11.75 million.

The three-building Ventura Professional Center, totaling 113,346 square feet of office space, is located at 5700, 5720 and 5740 Ralston St. on 5.6 acres. The property is centrally located in Ventura approximately one mile south of the 126 Freeway and a half-mile north of the 101 Freeway near the Victoria Avenue exit. The Victoria Avenue Corridor is an important submarket within the region, according to Robert M. Campbell, president of CT Realty Corp.

"Victoria Avenue is a major arterial highway that runs from the marina in the south of the city to the hills in the north, offering convenient access to both the 126 and the 101 Freeways," Campbell said. "We are very positive about the Ventura office market and look forward to creating one of the most desirable business locations in the region."

He said that CT Realty plans to invest $1.2 million to renovate and improve the three buildings, which were last renovated in 2000. Currently at 63 percent occupancy with 22 tenants, the company plans to demise the large, unoccupied suites at the property into units of 3,000 square feet or less in order appeal to smaller, service-oriented tenants which represents a large percentage of the market. CT Realty will also replace HVAC units, upgrade landscaping, replace the parking lot lighting, repair window soffits, paint the exterior of the building, and update the interior corridors and lobby area.

Malcolm Rickards of Colliers International in Sacramento, Calif., represented CT Realty in the transaction while Buz Miller and Greg Kasner from Colliers International, Sacramento, represented Security National Properties Funding II. Equity financing was provided by CT California Fund VI and by private investors, with debt financing provided by Pacific Coast Capital Partners.

Since its establishment in 1994, Newport Beach, Calif.-based CT Realty Corp. (www.ctrealtycorp.com) has completed more than 40 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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