CT Realty Fund Buys Fidelity Plaza

SACRAMENTO, CA-CT Realty is the new owner of Fidelity Plaza, a 76,600-sf office complex here located along Highway 50 at Folsom Boulevard and Watt Avenue. On behalf of CT California Fund IV, the Newport, CA-based company paid $7.5 million for the two-building office park. The seller was Chicago-based Equity Office Properties Trust. The transaction was revealed late last week and closed earlier this month. The class B office property was approximately 80% occupied at the time of sale.The Fidelity Plaza buildings are located at 8801 and 8815 Folsom Blvd. They were completed in 1979 and renovated in 1997. The asking full-service rental rate is $21 per sf per year. The Palmer Team with CB Richard Ellis had the disposition assignment.CT Realty invests in office, industrial, multifamily, mixed use, self-storage and some retail. All of the company’s projects have been focused in the high-growth markets of Southern California and Sacramento with values primarily in the $4 million to $40 million range. CT California Fund IV was formed in the fall of 2003 to invest in commercial, office, multi-family, industrial, retail, and R&D properties. The original CT California Fund, formed in the spring of 1998, invested in a portfolio of 27 commercial office, multifamily, medical office, industrial and R&D properties and provided an IRR of 20%. CT California Fund II was formed in the spring of 2000. To date it has invested in a portfolio of 16 commercial, office, multifamily, medical office, industrial, retail and R&D properties. CT California Fund III was formed in the spring of 2002. So far it has invested in a portfolio of 23 commercial, office, multifamily, industrial, retail and R&D properties. The funds have attracted a combined equity investment of $185 million.