NOVEMBER 21, 2006
CT REALTY CORP. ACQUIRES TALEGA BUSINESS PARK PROPERTY FOR $11 MILLION
NEWPORT BEACH, CALIF. – CT Realty Corp. has purchased a two-story, Class A office building in San Clemente’s prestigious Talega Business Park for $11 million. The building, located at 1211 Puerta Del Sol in San Clemente, Calif., was acquired from HG-Burke Talega Development, LLC. The seller has owned the property since originally developing it in 2000.
The 43,381-square-foot office building is situated on two acres at the southeast corner of Puerta Del Sol and East Avenida Pico, San Clemente’s main thoroughfare for the master planned community of Talega. Bordered on the north by the Talega Golf Course, the building is currently 85 percent occupied. The remaining 6,600 square feet has been recently improved to accommodate businesses seeking immediate occupancy. The building features a contemporary architectural design and a parking ratio of four parking spaces per 1,000 square feet.
Located approximately two miles east of Interstate 5, the office building will also be within a mile of the 241 Foothill Transportation Corridor when the extension of the toll road is completed by 2011.
According to Robert M. Campbell, president of CT Realty, the Puerta Del Sol building offered a unique opportunity to own a Class A office building in the South Orange County submarket – one of the most desirable submarkets in Southern California due to the high rate of residential growth in the area and the low office market vacancy.
“Class A market rents in South Orange County have increased roughly 20 percent over the past twelve months, and there is growing investment interest in this region,” Campbell said. “The Puerta Del Sol property offers excellent visibility along East Avenida Pico and an outstanding location near two major transportation corridors, with no new office development planned for the foreseeable future. We think this property has excellent upside potential and are excited to add it to our office portfolio.”
Ryan Gallagher, Greg Puccinelli and Scott Johnstone of the Newport Beach, Calif., office of Grubb & Ellis represented both CT Realty and the seller in the acquisition. Equity financing was provided by CT California Fund V, with debt financing provided by CharterMac Mortgage Capital.
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, retail, mixed-use, multi-family, single-family residential, senior housing, 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. – Newport Beach, Calif.-based CT Realty Corp. announced that it has purchased a two-story, Class A office building in San Clemente’s Talega Business Park for $11 million from HG-Burke Talega Development. Located at 1211 Puerta Del Sol approximately two miles east of Interstate 5, the 43,381-square-foot office building is bordered on the north by the Talega Golf Course. The property will also be within a mile of the 241 Foothill Transportation Corridor when the toll road extension is completed in 2011.
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