The Newport Beach-based real estate and investment firm had acquired Townview back in 1998 because "we thought the building had great upside potential through leasing and small renovations," according to Dan Culler, director of project operations for CT Realty. "We put a couple hundred thousand dollars worth of upgrades into the property immediately after the acquisition," Culler tells GlobeSt.com, adding that the three-month project entailed new paint, improvements to the parking lot, and renovations to the lobby. The Escondido asset, which was 70% leased when CT Realty purchased it, had reached 93% occupancy at the time of its recent sale to San Diego County Medical Buildings LLC of Vista. "Our investors are relatively short-term holders, so once the asset stabilized, we decided to sell," Culler explains.

In the recent transaction, CT Realty was represented by Louay Alsadek and Mark Avilla of the Carlsbad office of BRE Commercial/NAI. Bud March of Colliers International's San Diego office acted on behalf of San Diego County Medical Buildings LLC.

Encompassing a total of 62,000 sf, the Townview facility is occupied by tenants such as Pacific Bell and North County Internists Medical Group. The building stands at 215 S. Hickory St., which is in close proximity to the confluence of the I-15 and SR-78 freeways and adjacent to the Palomar Medical Center. This location has added to the asset's attractiveness, according to CT Realty president Robert Campbell, who says the north inland area of San Diego County houses a limited supply of high-quality professional and medical office buildings.