Located at 2338 Alaska Ave., the complex presently consists of a one- and two-story office building, totaling 44,500 sf, with several smaller, one-story office buildings, totaling 12,000 sf, located on 3.12 acres. CT Realty plans to redevelop the site into a corporate office facility called Pacific Technology Center, with construction beginning next month. Vacco Industries currently occupies 100% of the corporate space, but will vacate the premises when its lease expires March 31.

CT Realty will invest $5.2 million to build the new space, which will be designed by Carter Group Architects Inc. of San Clemente. The new building, a 50,500-sf single-story structure, has a surface-level parking ratio of four cars per 1,000 sf and will accommodate one or two tenants. The shell of the current main building will remain, but the smaller building will be demolished to make room for the parking area.

Costa Mesa-based Hedley Construction and Management Inc. has been selected to handle general contracting services for the project.

"This property is a good example of the type of infill, adaptive re-use project we are actively pursuing," says Robert M. Campbell, president of CT Realty. "The new office design is highly flexible and can accommodate a variety of applications, ranging from pure corporate office needs to hybrid uses including light manufacturing, technology/office or laboratory. The strong growth dynamics of the El Segundo/Manhattan Beach submarket is perfectly suited to this type of flexible office space."

CT Realty and the seller were represented by Bradford Vickrey of Daum Commercial Real Estate's South Bay office.

Craig Meyer and Steven Solomon of Colliers Seeley's Santa Monica office will serve as leasing agents on the project, which is expected to complete construction by December 2001.