X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EL CENTRO, CA-CT Realty Corp. has acquired the 25-acre Valley Plaza Town Center at the southwest corner of Imperial Avenue and Main Street in El Centro for $9.3 million from Alcott Estates L.P., of El Centro and plans a $4 million renovation of the center.

Robert M. Campbell, president of Newport Beach, Calif.-based CT, says the company will redevelop the site into a “town center” that will include entertainment, restaurants, a health club and smaller retail shops combined with an office campus.

Valley Plaza currently comprises 315,034 square feet of office and retail space. Major retail tenants include JCPenney, Rite Aid and Burger King, with much of the office space occupied by county, state and federal government agencies.

CT says the center is at the busiest intersection in El Centro and is within blocks of the El Centro City Hall, the Imperial County Administrative Center, the El Centro Post Office and a State of California office building.

Campbell says the company sees potential to add value to the project because of El Centro’s rapid growth rate and the region’s need for new office and retail space. He cites statistics showing that the population of Imperial County is growing much faster than that of California, increasing by 36% between 1990 and 2000 while California’s population grew by 13.6 percent during the same time.

Housing growth, he adds, has attracted national retailers including Wal Mart, Costco, Albertsons, Staples, Sears and Home Depot, all of which have opened new facilities near Valley Plaza.

Renovation of the center is scheduled to be completed within one year. Specific plans include completely replacing the parking lot and adding all new landscaping, developing street-front sites for retail, dining and entertainment tenants, upgrading the building facades, replacing the roofs and HVAC systems, and transforming the office buildings into a campus environment.

According to Campbell, no brokers were involved in CT’s acquisition of the property.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.