EL CENTRO, CA-CT Realty Corp. has acquired the 25-acre Valley Plaza Town Center at the southwest corner of Imperial Avenue and Main Street in El Centro for $9.3 million from Alcott Estates L.P., of El Centro and plans a $4 million renovation of the center.

Robert M. Campbell, president of Newport Beach, Calif.-based CT, says the company will redevelop the site into a “town center” that will include entertainment, restaurants, a health club and smaller retail shops combined with an office campus.

Valley Plaza currently comprises 315,034 square feet of office and retail space. Major retail tenants include JCPenney, Rite Aid and Burger King, with much of the office space occupied by county, state and federal government agencies.

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