RIVERSIDE, CA—CT Realty and PrudentialReal Estate Investors have formed a $120- million jointventure that will focus on development of industrial buildings forsale in Southern California. In its first acquisition, the jointventure has purchased 13.1 acres of land in Riverside, CA.

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The venture plans to develop five industrial buildings on theproperty. CT/Prudential acquired the land from a major financialinstitution for an undisclosed sum.

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The CT/Prudential site is located within the 1,400-acre SycamoreCanyon Business Park on the northwest corner of Dan Kipper Driveand Sycamore Canyon Boulevard.

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According to Keith Ross, executive vice president of developmentfor CT Realty, the parcel represents one of the few remaining sitesavailable for industrial development in the business park. Thebuildings will be the first ground-up industrial buildings to bebuilt in the business park since 2008.

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CT/Prudential's new $25 million development project willencompass five, class A industrial buildings totaling 205,000square feet and be available for sale starting fourth quarter 2015.The buildings will range from 35,000 square feet to 65,000 squarefeet and offer dock high loading and 30' clear height for thelarger buildings.

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Zoned for industrial use, the property has already been improvedwith street, utilities, curb and gutter, and other infrastructureupgrades. Construction on all five buildings is expected to beginduring the first quarter of 2015. HPA Architecture of Irvine,Calif., is the architect of record for the project and DRCEngineering Inc., of Anaheim, Calif., is the civil engineer.

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According to Ross, the Sycamore Canyon parcel offered anoutstanding opportunity to develop five industrial buildings nearmajor transportation corridors and a strong labor supply in one ofthe most active, yet underserved e-commerce and medical supplymarkets in the state.

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“Land for new, ground-up industrial properties is becomingincreasingly scarce in Southern California overall, but especiallyin Riverside,” Ross says. “We are very excited about this latestventure and look forward to contributing to the region's economicgrowth by bringing top-notch industrial buildings to themarketplace.”

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Frank Geraci and JuanGutierrez with the Ontario, CA, office of VoitReal Estate Services represented both CT/Prudential andthe seller in the transaction.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.