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NEWPORT BEACH, CA-CT Realty Corp. has paid $24.5 million for Citrus Park, a 12-building office and industrial park totaling 417,811 sf in Riverside that houses recreational vehicle manufacturer Fleetwood Enterprises. CT Realty’s acquisition of the property from Fleetwood in a sale-leaseback is one of the largest purchases in the Inland Empire so far in 2008, according to CT Realty president Robert M. Campbell. He notes that Fleetwood is one of the nation’s largest builders of manufactured housing and recreational vehicles.

Located on 43 acres just south of the 91 Freeway and west of Van Buren Boulevard, Citrus Park includes two office buildings of two stories each totaling approximately 78,115 sf at 3125 and 3075 Myers St., plus the other 10 buildings, which are all single-story industrial office and warehouse product that totals approximately 332,695 sf.

According to Campbell, Fleetwood Enterprises will remain a major tenant in the two office buildings that total 78,115 sf and currently are Fleetwood’s national headquarters. He says that CT Realty plans to invest $7 million to redevelop Citrus Park into separate parcels available for both sale and lease to individual businesses.

The entire site will also be renovated to offer a contemporary, campus-like business park environment for future owners and tenants involved in light industrial, light manufacturing, product development and assembly. The buildings will also offer large office facilities with additional capacity for fabrication, warehousing and outside storage.

Campbell cites a number of factors that made the property an appealing investment: It is close to the Ontario International Airport and the University of California at Riverside, provides access to the 91 and 60 freeways as well as Interstates 15 and 215. and is close to major centers of business and employment.

CT Realty has been actively involved in the Inland Empire marketplace for several years as well as Magnolia Square in Riverside and self-storage facilities in Chino and Highland through its Storage Outlet subsidiary. The company bought Citrus Park in a transaction brokered by Rick Fuller of the Riverside office of Lee & Associates, who represented both CT Realty and Fleetwood Enterprises. Equity financing was provided by CT California Fund V and Fund VI, with debt financing provided by Pacific Coast Capital Partners.

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