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NEWPORT BEACH, CA-CT Realty Corp. has acquired two Southern California properties that will expand its operations to a total of 11 of its Storage Outlet brand facilities in Southern California.One of the new holdings is a 3.76-acre parcel of land at 12384 Carson St. in Hawaiian Gardens that CT acquired for nearly $3.2 million and will develop into a 114,000-sf Storage Outlet facility of approximately 800 units. The other new acquisition is an existing, 89,407-sf self-storage facility of 1,015 units at 1160 Third Ave. in Chula Vista that CT Realty bought from CV Storage LLC for nearly $6.9 million. The Hawaiian Gardens Storage Outlet will be a one- and two-story structure offering a high percentage of drive-up units and ramp access to the second story. Lance Watkins, CT Realty’s development partner on the Storage Outlet properties, notes that the site is situated near the Carson Street exit off the 605 Freeway. CT Realty will invest nearly $9 million to develop the property, with Valli Architectural Group of Aliso Viejo is providing architectural services. Construction is slated to begin in May and to be completed by the end of the first quarter of 2005.The Chula Vista property was 75% occupied at the time CT acquired it, and Watkins says this represents the first time CT Realty will redevelop an existing self-storage facility into a Storage Outlet. CT Realty plans to invest $500,000 to redevelop and reposition the property.CT Realty and the seller, a family trust, represented themselves in the Hawaiian Gardens transaction, with East West Bank providing construction financing. Greg Wells of BRE’s University Town Center office in San Diego represented both CT Realty and the seller in the Chula Vista transaction, with Key Bank providing the debt financing. CT Self-Storage Fund III, which was funded entirely by private shareholders, provided the equity for both acquisitions.The purchases are the latest of more than 120 transactions totaling more than $1.5 billion that the company has completed. These include acquisitions, sales, development and redevelopment.

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