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CT Realty Buys Outlet Center, Will Reposition Portion for Office

SAN MARCOS-Newport Beach developer is sinking nearly $2 million into facelift and office conversion for ailing outlet center.

By Randyl J. Drummer | Updated on November 01, 2000

SAN MARCOS-A Newport Beach real estate company has bought the San Marcos Outlet Center in a $4.67 million deal and plans to convert atleast half of it to office space.

CT Realty Corp. bought the 106,000-sf retail center at 1050 Los Vallecitos, just off Route 78, from New York-based Bankers Trust Co. Theseller had recently inked two leases totaling 45,000 sf at the center: Heritage Furniture Co. took 30,000 sf and Arizona Leather leased 10,000sf.

The buyer plans a $750,000 renovation, on top of $1.2 million in tenant improvements to reposition about half of the center as office space.

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