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NEWPORT BEACH, CA-CT Realty Corp. has raised a $54 million fund with which the real estate investment and development firm will targets land and commercial properties including industrial, mixed-use, retail and multifamily projects, according to Robert Campbell, president of the company. Campbell notes that the fund was originally intended to raise $40 million but it was increased by $14 million to meet demand from investors who wanted to participate.The company plans to invest in assets primarily located in Southern California and the Sacramento area but will also look at properties in Northern California, Central California, Reno, Las Vegas and Phoenix. The new venture is called CT California Fund V LLC and its 130 participants include new investors as well as return investors from CT Realty’s last subscription offering, the $35 million CT California Fund IV of 2003.130 investors participated in Fund V. Campbell says that with the new fund, combined with other sources of equity and debt, CT Realty expects to acquire more than $500 million worth of real estate. The new fund also will enable CT to increase its development and redevelopment efforts in the markets where it has been active. In addition, the fund will enable the firm to look into new markets, Campbell says.CT Realty’s recent redevelopment projects include Magnolia Square, a 145,778-sf retail center in Riverside that it acquired recently. The company plans to redevelop the aging retail center into a new, mixed-use property with retail, office and residential components, and will partner with Newport Beach-based Fieldstone Communities for the residential portions of the project.

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