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SAN MARCOS–A Newport Beach real estate company has bought the San Marcos Outlet Center in a $4.67 million deal and plans to convert atleast half of it to office space.

CT Realty Corp. bought the 106,000-sf retail center at 1050 Los Vallecitos, just off Route 78, from New York-based Bankers Trust Co. Theseller had recently inked two leases totaling 45,000 sf at the center: Heritage Furniture Co. took 30,000 sf and Arizona Leather leased 10,000sf.

The buyer plans a $750,000 renovation, on top of $1.2 million in tenant improvements to reposition about half of the center as office space.

“We have a fantastic opportunity to create new office space along North San Diego County’s most important business corridor,” says JohnValentine, senior vice president of Newport Beach-based CT Realty. He adds that the property has an unusually high parking ratio–six parking spaces for every 1,000 sf of leaseable space.

Colliers Seeley’s San Diego office represented CT Realty in the transaction. Colliers Seeley’s Carlsbad office represented the seller.

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