CT Realty Corp. paid $6.75 million to the largest US office REIT for the acreage that represents about 10% of HighPark's land mass, as well as one of the few remaining vacant parcels here. It got $3.2 million of that back in its deal with Todd Development.
CT Realty Corp.'s plans call for eight office buildings with a Mediterranean architectural theme ranging from 4,600 sf to 12,700 sf, anticipating the buyers will be a mix of users and investors. Construction is planned for next March with completion slated for September 2004.
"We believe that South Orange County will continue to evolve as one of Southern California's most dynamic office submarkets," says CT Realty Corp. senior vice president Lonnie Nadal.
Fremont Savings & Loan is financing the project along with CT's California Fund III. Scott Johnstone and Bryon Ward of Grubb & Ellis's Newport Beach office represented CT Realty and Equity Office Properties Trust.
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