X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.