Known as Pacific Gulf Commerce Park, the 146,893-sf multi-tenant development is located at 1800-1832 Tribute Rd., near the confluence of the 80 and 160 Freeways and across from the Arden Square regional shopping center. The tilt-up buildings range in size from 10,000 sf to 20,000 sf.
The Newport Beach-based real estate investment and development firm says it plans to spend $2-million to reposition and re-tenant the property, which was 63% occupied at the time of sale. The property will get a new name as well: Pointe West Business Park.
The property was acquired through Wells Fargo in Minneapolis, Minn., which acted as trustee for the seller, PGP Partners Liquidating Trust of Newport Beach, the entity created to dispose of the remaining assets of Pacific Gulf Properties. CT Realty SVP John Valentine says the renovations will include updated architectural elements, as well as exterior painting and other improvements.
Currently, the two most prominent buildings in the park, each 10,000 sf, are 75% occupied. One of the buildings is 100% occupied by a surgical center and a professional medical group, while the second building is 50% leased to Cambridge Homes. Valentine tells GlobeSt.com that since word has gotten out about its planned upgrades, a few more leases have been signed and occupancy is now up to 69%."I'm way ahead of schedule; there's a lot more activity than I expected," says Valentine, who also credits the project's central location. "Our original projections were to have it completely renovated and leased up in three years."
Equity financing for the acquisition was provided through a limited partnership offering and CT California Fund III, LLC, with debt financing provided through Fremont Investment and Loan. No brokers were involved in the transaction, with CT Realty and the seller each representing themselves.
The architect for the renovations is Ottolini, Booth & Associates of Fair Oaks, CA. General contracting services are being provided by GP Construction of North Highlands, CA.
CT Realty now owns 363,505 sf of office and industrial space in the Sacramento basin. Its other area properties include Lincoln Village Office Park in Sacramento with 85,742 sf and Regents Park in Gold River, CA, with 130,870 sf.
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