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SANTA ANA – The Arbors, the last remaining building in CT Realty’s four-building $17 million portfolio, has been sold to Schmid Investments in a transaction valued at approximately $6.4 million.

The 2101 to 2103 East Fourth St. property, a recently remodeled 50,765-sf office complex that is 95 percent occupied, brought the highest price out of the four-building portfolio for CT Realty. The firm’s other three buildings, the Theme Building, the Boardwalk and the 2000 Building, all in Santa Ana, sold for $2 million and up, primarily to exchange buyers, Alan Pekarcik, with Voit Commercial Brokerage’s Irvine office, tells GlobeSt.com.

Pekarcik says the sale helped CT Realty divest of its Santa Ana holdings, a move the firm had planned since purchasing the properties in 2001.

“They bought it as a portfolio and the game plan was to stabilize the assets and sell them off individually and that’s pretty much what they did,” Pekarcik says.

The Arbors was part of a 139,000-sf portfolio that CT Realty acquired from Newport Federal two years ago.

Pekarcik and Rob Mitchell of Voit’s Anaheim Metro office, along with Dan Vittone of Voit’s Irvine office and Chris Latta of Lee & Associates represented CT Realty. Pekarcik and Mitchell also represented the firm in the acquisition of the portfolio and the sale of The Arbors building. Jim McKenzie and Carl Greenwood of Greenwood & Son represented the buyer of the Arbors property.

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