CT Realty to Build Spec Property in City of Industry
(firmenpresse) - CITY OF INDUSTRY, CA -- (Marketwired) -- 06/06/13 -- CT Realty Investors announced the acquisition of an in-fill redevelopment site consisting of approximately 7.7 acres in City of Industry, Calif. The agreement to purchase the site from McConnell Cabinets Inc. was executed more than a year ago in an off-market, $6.2 million transaction and completed on April 26, 2013.
Located at 13110 Louden Ln. in City of Industry, the property is strategically located near the critical confluence of the Interstate 605 and Interstate 10 freeways. The site sits within the San Gabriel Valley submarket which is considered one of the most constrained industrial markets in Southern California with current market vacancy rate at approximately 2.8 percent. The premier location provides direct access via the freeway system to the Ports of Los Angeles and Long Beach, the largest combined port in the United States.
The property is currently improved with an older generation 121,000-square-foot, vacant manufacturing facility which will be demolished. CT Realty will construct a 168,000-square-foot Class A warehouse/distribution building featuring 32' clear height, an ESFR sprinkler system and 16,000 square feet of office.
CT has engaged C.E.G. Construction Co. of Pico Rivera, Calif., to serve as general contractor for the new construction.
"This acquisition represents an exceptional opportunity to develop a Class A warehouse/distribution building in a submarket that has a short supply of Class A product. A number of challenging entitlement and development issues were resolved over the past twelve months, thus allowing CT the opportunity to move forward with construction," said Carter Ewing, managing partner and head of acquisitions for CT Realty Investors.
Construction will start on the new building in September of this year and is scheduled for completion in the second quarter or 2014.
Denis Keane with Voit Real Estate Services' Ontario, Calif., office represented CT in the City of Industry acquisition with Barbara Emmons and Cameron Merrill of CBRE Los Angeles representing the seller.
Since its establishment in 1994, CT Realty Investors of Aliso Viejo, Calif., has completed more than 200 transactions with value in excess of $2.5 billion. More recently, the primary investment focus has been industrial properties in Southern California and Dallas, Texas, with more than five million square feet of existing buildings and more than 600 acres of land acquired since 2010. More information about CT Realty Investors may be found at .
For More Information:
Donna Hahn
Hahn Communications
(949) 458-3983
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Datum: 06.06.2013 - 10:55 Uhr
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News-ID 1234627
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