The joint venture has acquired three buildings at 1405, 1465 and 1485 Spruce St. in the business park, which is near the intersection of the 215 and 91 freeways, from WLA Investments of Newport Beach for $4.8 million. The buildings comprise a combined total of 72,374 sf of leasable space, which CT has already started redeveloping. The company says the buildings provide a good site for business condos because of Hutton Business Park's location near various Inland Empire bedroom communities, along with access to numerous restaurants and retail stores within walking distance.
CT Realty acquired another Hunter Park-area property, the former Wells Fargo building at 1595 Spruce St., approximately a year ago. Robert M. Campbell, president of the firm, says the new business condos will range from 1,485 sf to 15,000 sf to accommodate the needs of small businesses who want to own their own offices.
He says buyers will be able to close escrow on their properties in December. Herrick Johnson and Richard J. Erickson of Lee & Associates' Riverside office will handle the marketing assignment for the condos. Equity for the acquisition was provided by Cargill and CT California Fund III LLC, while East/West Bank provided debt financing.
Johnson of Lee & Associates represented both the buyer and the seller in the acquisition. CT Realty Corp. is a 10-year-old investment and development firm that has completed more than 120 transactions totaling more than $1.5 billion. It specializes in value-added properties, focusing on industrial, suburban office, multifamily, retail and self-storage properties primarily in the purchase range of $5 million to $75 million.
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