SOURCE: CT Realty Investors
ALISO VIEJO, CA--(Marketwire - Sep 21, 2012) - CT Realty Investors (www.ctrinvestors.com) of Aliso Viejo, Calif., has acquired a 177,550-square-foot, fully leased industrial building in Rancho Cucamonga, Calif., in a joint venture with Artemis Real Estate Partners. The property was acquired by the joint venture from Mobile Park Investments Inc. for $10.25 million. Senior debt was provided by JP Morgan Chase and arranged through the Irvine, Calif., office of Holliday Fenoglio Fowler.
With this latest acquisition, CT Realty has acquired more than five million square feet of industrial buildings in the last couple of years in Riverside, Ontario, Rancho Cucamonga, Fontana, Beaumont, Moreno Valley, Chino, Yorba Linda, Irvine, San Bernardino, Santa Ana and other strong industrial markets. The CT investment strategy has included a range of industrial investments including large vacant distribution buildings, strategically located manufacturing buildings, entitled land for development and non-performing promissory notes underlying industrial properties in at least six So Cal submarkets.
Located at 10404 Sixth St. in Rancho Cucamonga just west of the intersection of Sixth and Haven Avenue, the Rancho Cucamonga building sits on a 7.84-acre site in the Inland Empire West submarket. Coincidentally, principals at CT Realty initially developed and built the 177,550-square-foot building as well as the adjacent 130,000-square-foot building in 1988. The premier location provides direct access to both Interstate 15 and Interstate 10 in the vicinity of Ontario International Airport, one of the most strategically located transportation hubs in Southern California.
The Sixth Street building is 100 percent leased by GITI Tire USA, Ltd., which uses the property for storage and distribution of automobile and truck tires. The building features 33 dock high doors with a clear height of 24', truck court depth of 155' and significant office improvements. GITI Tire extended its lease term with CT Realty while the property was under contract to acquire.
"This acquisition represents an exceptional opportunity to acquire a fully-leased industrial property in this dynamic submarket," said Carter Ewing, Managing Partner and head of acquisitions for CT Realty Investors. "The Inland Empire continues to be very attractive to us and we are actively seeking to add further to our industrial portfolio with similarly well-located properties, whether leased or vacant."
Ryan Lal and Jeff Smith with Lee & Associates' Ontario, Calif., office represented the joint venture in the Rancho Cucamonga acquisition, with Ken Jones and Scott Ostlund with Lee & Associates Ontario representing the seller.
About CT Realty Investors
Since its establishment in 1994, Aliso Viejo, Calif.-based CT Realty Investors has completed more than 220 transactions with value in excess of $2.5 billion. 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 or visit www.ctrinvestors.com.
About Artemis Real Estate Partners
Artemis Real Estate Partners is a real estate investment management firm that seeks to invest with best-in-class local operating partners, both established and emerging, in multi-family, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised $736 million of investor capital across two vehicles: $436 million of capital for Artemis Fund I and $300 million of capital in a separate account with the New York State Common Retirement Fund. Artemis's sole focus is U.S. commercial real estate. More information about Artemis may be found at www.artemisrep.com.