FOOTHILL RANCH, CA-CT Realty Corp., a Newport Beach, Calif.-based real estate investment and development firm, acquired the Foothill Plaza office center in Foothill Ranch for $18.7 million from an affiliate of Searles DevCorp., also of Newport Beach.
The office center consists of two recently completed class A buildings totaling 208,620 sf on 10.49 acres, according to Scott Hamilton, vice president of acquisitions for CT Realty. The property fronts the Eastern Transportation Corridor (241) toll road and is part of a larger site which will include a Marriott Courtyard and restaurants in a commercial and residential area.
Hamilton says CT acquired the property in a venture with Searles and will provide the equity capital to lease up and position the property for a future sale. He says the new owners have signed two tenants to leases and are in negotiations with a number of prospective new tenants.
The deal with Searles involved creating a new partnership and modifying an existing loan, according to Robert Campbell, CT's president, who says the company closed on the transaction in less than two weeks.Don Nourse and Gregg Haly of CB Richard Ellis office represented both CT Realty and Searles DevCorp. in the acquisition and also have the leasing listing for the property. Equity capital was provided by both CT Realty's Cal Fund II and Cal Fund III and debt capital was provided by Guaranty Bank.
CT Realty Corp. was established in 1994 and has completed more than 100 transactions totaling almost $1 billion, including acquisitions, dispositions, development and redevelopment of industrial/R&D, suburban office and apartment buildings, primarily in the purchase price range of $5 million to $75 million.
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