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