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CT Realty Acquires Davis Commerce Center

DAVIS, CA-The Newport Beach-based investor and developer pays about $4 million for a 59,000-sf business park here that is approximately 65% leased. The company plans about $500,000 in upgrades to the site.

By Brian K. Miller | Updated on November 10, 2004

DAVIS, CA-CT Realty Corp. has purchased the Davis Commerce Center, a 58,760-sf business park here for just under $4 million. The seller, a Newport Beach-based investor and developer acquired the property from Davis Commerce Center LLC.Located at 2121 Second St., the property is located near Interstate 80 and the local campus of the University of California. The commerce center is comprised of three single-story buildings broken up into 16 suites for office, light manufacturing, warehousing and R&D use.CT Realty SVP John Valentine tells GlobeSt.com the company plans to invest an additional $450,000 in the center. Including reserves and tenant improvement dollars, the company’s all-in cost will be about $5.5 million, he says. The upgrades will include new exterior paint, lighting and signage. Interiors also will be upgraded to create more flexible floor plans. The goal is to give the complex more of a business park look than an industrial park look.”We were attracted to this property because of its strong business location along the I-80,” says Valentine. “Our investment strategy includes renovating the property so that it can be repositioned…, creating a viable business park with significantly higher rents.” The triple-net asking rent at the complex is currently $1.05. Valentine says CT will do deals at that price until improvements are made, then rates will rise commensurate with the upgrade. Doug Barnett of Colliers International’s Sacramento office represented CT Realty in the transaction. Lauren Godbee of Colliers’ Roseville office represented the seller. Fremont Investment & Loan provided debt financing for the acquisition. Equity financing was provided by CT Realty’s California Fund IV. NAI Sacramento Valley Commercial’s office in West Sacramento, led by Jonathan Hunt, has the leasing assignment.

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