The Newport Beach-based developer has paid $7.5 million for the freestanding, corner industrial building on a nine-acres at 800 S. Raymond Ave. The 192,750-sf property includes approximately 28,000 sf of office space and ample parking.

CT Realty plans to tear down an 80,000-sf portion of the concrete tilt-up industrial space and rebuild it for mini-storage and high-end industrial use.

Rick Gill and Maury Panza of Collins Commercial in Irvine acted on behalf of CT Realty and holds the listing for the 117,000-sf of industrial space that will remain. The seller, Anaheim-based developer Raymond Management Co., was represented by Chris Migliori of the Anaheim office of DAUM Commercial Real Estate Services.

A few years ago, CT Realty changed its business strategy and became a long-term developer and owner of storage facilities. Its most recent self-storage projects involve facilities in South El Monte and Huntington Beach, which CT began construction on this past June.