CT Realty Corp. bought the 106,000-sf retail center at 1050 LosVallecitos, just off Route 78, from New York-based Bankers TrustCo. Theseller had recently inked two leases totaling 45,000 sf atthe center: Heritage Furniture Co. took 30,000 sf and ArizonaLeather leased 10,000sf.
The buyer plans a $750,000 renovation, on top of $1.2 million intenant improvements to reposition about half of the center asoffice space.
"We have a fantastic opportunity to create new office spacealong North San Diego County's most important business corridor,"says JohnValentine, senior vice president of Newport Beach-based CTRealty. He adds that the property has an unusually high parkingratio--six parking spaces for every 1,000 sf of leaseablespace.
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