CT Realty's new acquisition is 100% occupied by the County ofOrange Civil Courts and the State of California's Board ofEqualization. The office building comes with an unusual parkingarrangement, with parking at a ratio of more than five stalls per1,000 sf of office space, but a reciprocal easement with theadjacent Lake Hills Community Church allows for more than eightspaces per 1,000 sf of office area.

According to Samuel E. Haynes, vice president of acquisitionsand development for CT Realty, the company plans to investapproximately $550,000 in the property for landscaping and parkinglot improvements, ADA and restroom upgrades, replacement of thebuilding's HVAC units and numerous exterior improvements. Haynessays that the building appealed to CT Realty as an investmentbecause of the property's location in a South Orange County officemarket that continues to offer interesting investment opportunitiesas residential development spreads to the south and southeast anddecision makers seek office locations near their homes.

In addition, Haynes points out, the Laguna Hills portion ofSouth Orange County is an established office submarket withoutstanding access to the region's transportation networks, medicaloffices and hospitals, as well as one of the biggest entertainmentcenters in the country. Lake Hills Office Park is near theintersection of Moulton Parkway and Lake Forest Boulevard, withimmediate access to Interstate 5 and the Irvine Spectrum with itsbroad range of restaurants, retail and professional services.