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$9M Buys Medical Facility

ESCONDIDO, CA-CT Realty Corp. sells the 62,000-sf medical office asset, known as Townview, to San Diego County Medical Buildings LLC. The three-story facility stands at 215 S. Hickory St. in Escondido.

By Erin Cassin | Updated on March 02, 2004

ESCODIDO, CA-CT Realty Corp. has recently divested its portfolio of the Townview medical and professional office facility, an Escondido asset that the firm had owned for approximately six years.

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.

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