The buyers acquired the portfolio from the Martin V. and Martha K. Smith Trust of Oxnard. The holdings are situated in the Greater Oxnard area as well as Ventura and Santa Barbara counties.

CT Realty president Robert M. Campbell said the diversity of the properties in the acquisition enhanced the joint venture's growing portfolio of property holdings across the full spectrum of real estate, especially in the retail segment. The portfolio contains about 400,000 sf of retail. The properties also meet the firms' objectives of acquiring real estate with strong upside potential.

While many of the properties are older, Campbell notes, they have "great value-added potential." Several properties are in line for redevelopment.

The "to do" list includes the 181,000-sf Carriage Square, a shopping center with a large grocery store that has been out of operation for some time at Oxnard and Gonzales boulevards. Also on the makeover list are the Wagon Wheel properties--a 403,750-sf industrial park that includes the historic Wagon Wheel Inn and Wagon Wheel Plaza, a 140,300-sf retail center at 800-889 Wagon Wheel Rd. The industrial park, bounded by Wagon Wheel Road, is adjacent to the 101 Freeway across the street from the new Esplanade Shopping Center.

Airport Marina, a mixed-use property at Fifth Street and Victoria Avenue, will be redone with the owners emphasizing renovation to increase tenant occupancy levels. The grouping consists of a 45,300-sf industrial park; 157,000-sf self-storage facility with 350 RV parking spaces; a retail and self-storage center with 72,900 sf of retail space with an adjacent self-storage facility; and 25,600-sf warehouse.

The package also includes 327 acres of farmland, now leased to Dole, at the junction of Broome Ranch Road and Las Posas Avenue. The 82-acre Connelly Ranch, located just off the 101 Freeway at 4040 Central Ave. in Oxnard, was bought as were 147 acres near Santa Maria, CA, in Santa Barbara County.

Retail properties include two restaurant sites: a tenant's ground leasehold interest in an 18,300-sf IHOP at 1771 S. Victoria Ave. and a 10,450-sf parking lot at the Carrows Restaurant at 205 S. California St., both in Ventura.

Also bought was a 1,350-sf office building at 250 E. Fifth St. in Oxnard and about 40 undeveloped lots on eight acres along Oxnard's Beedy Street. The lots are leased to a number of industrial tenants.

Equity financing for the acquisition was provided through CT Realty's California Fund II and California Fund III and Messenger/Sandpiper Cos., with Fremont Investment and Loan providing debt financing. The purchase was a direct deal without brokers.

Instant Insights /

Mixed-Use Portfolio Fetches $57M

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