|By Marketwired .||
|November 15, 2012 03:09 PM EST||
VENTURA, CA -- (Marketwire) -- 11/15/12 -- CT Realty Investors Inc. (www.ctrinvestors.com) has sold the City Center office property in Ventura, Calif., to 5700/5720/5740 Ralston Street, LLC, for $15.5 million. The three-building City Center, totaling 111,000 square feet of office space, is located at 5700, 5720 and 5740 Ralston St. in the heart of Ventura approximately one mile from the 126 and 101 Freeways near the Victoria Avenue exit. The Victoria Avenue Corridor is one of the region's most important submarkets.
After purchasing the 5.6-acre property known as the Ventura Professional Center in 2008, CT Realty made significant capital improvements to reposition and rebrand it as "The City Center." Large, unoccupied suites at the property were demised into units of 3,000 square feet or less to appeal to smaller, service-oriented tenants that represented a large percentage of the market. The company also replaced HVAC units, upgraded landscaping, replaced parking lot lighting, repaired window soffits, painted exteriors, and updated interior corridors and lobby areas.
The property is currently at 95 percent occupancy. Major tenants include Crowell Weedon, ReMax Gold Coast Partners and the County of Ventura.
According to James "Watty" Watson, president and CEO of CT Realty, "City Center was transformed into one of the most desirable business locations in the region through an aggressive renovation program, typifying CT's strategy of acquiring under-valued yet well-located properties and repositioning them to compete in the current marketplace. We are very pleased with the performance of the City Center and how receptive the market has been to this premier office project."
CT Realty was represented in the investment transaction by Mark Perry and Carlene O'Neill of CBRE's office in Camarillo, Calif., with CBRE's Bill Clark and John La Spada serving as the leasing brokers for the property. Timothy Foutz of NAI Capital's Encino, Calif., office represented the buyer.
About CT Realty Investors
Since its establishment in 1994, Aliso Viejo, Calif.-based CT Realty Investors has completed more than 220 transactions with value in excess of $2.5 billion. The focus of CT Realty's investment activities is to acquire well-located assets in major markets with the potential to enhance their value through a solid, hands-on management approach. For more information, contact Carter Ewing at CT Realty Investors at (949) 330-5777 or visit www.ctrinvestors.com.
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