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CT Realty Picks Up 62,000-SF Industrial Property

SAN DIEGO-The Newport Beach-based firm pays $5.5 million for the industrial property, which is located within the Precision Park master-planned business park.

By Daniel D. Williams | Updated on February 22, 2006

(To read more on the industrial market, click here.)

SAN DIEGO-CT Realty Corp. continues its expansion into San Diego County with its recent acquisition of a local industrial property. In the deal, CT Realty paid $5.5 million for a 62,000-sf vacant building located at 1601 Precision Park Lane. The firm acquired the building from San Diego-based Gorge LLC. CT Realty used its equity fund, CT California Fund V, in the buy. “Precision Park is one of the South Bay area’s leading industrial properties and this building will provide strong upside potential for us, given its size and location,” says Chris Eddy, vice president of CT Realty.The site is located in the 18-acre Precision Park, a master-planned business park, which is zoned for light industrial use. The one-story building sits on a 4.6-acre parcel.In January, the Orange County firm tapped San Diego industry vet Eddy to run the local operations. “Basically, CT is looking to step up its presence in San Diego,” Eddy told Globest.com at the time. “We’ll also be increasing activity in the Imperial Valley and Inland Empire.”Eddy said the “initial plan is to seize as many opportunities as possible.” The opportunities, he added, are those with a strong value-added element to them.”If it’s not an opportunity to do something through construction or putting a map on a property or something of that nature, then it’s probably not our type of property. Our investors are looking for dynamic returns.”The deals CT Realty is looking for are in the $5-million to $75-million range, according to Eddy, and will include all product types. “Sometimes we’ll have projects that are marketing-based and other times, we’ll seek out opportunities that are construction-based.”

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