BEAUMONT, CA-CT Realty Investors Inc. of Orange County, CA has acquired two warehouse buildings totaling 572,143 square feet and 30 acres entitled for an additional 611,000 square feet at 520 Fourth St. and 415 Nicholas Rd. in this Inland Empire city. CT bought the property from Oakmont Dowling Orchard LLC for an undisclosed price that was “well below replacement cost," according to Carter Ewing, executive vice president of the Aliso Viejo-based company.
The all-cash closing occurred in less than 60 days from opening of escrow to close, Ewing said, and was facilitated by Bill Heim and Eloy Covarrubias of Lee & Associates Ontario, who also represented the seller. Heim and Covarrubias also will handle the project marketing for CT Realty.
Ewing points out that CT Realty has structured its acquisition of the property "to provide users with a compelling purchase option." He describes the property as "a best-in-class product offering at a very favorable cost basis."
The larger of the two buildings measures 444,455 square feet and features 85 dock doors, all with full dock packages, 32-foot minimum clear height, 445 parking stalls with abundant trailer storage and an ESFR sprinkler system. The other building measures 127,688 square feet and features 14 dock doors with full dock packages, 32-foot minimum clear height, 128 parking stalls and an ESFR fire sprinkler system.
The 30.18 acres of entitled land will accommodate a to-be-built 611,000-square-foot industrial building which is in the design and engineering phase with construction scheduled in 2012. This will allow CT to offer up to 1.2 million square feet to a single user in a secure campus environment, or to provide a 611,000-square-foot building tailored to suit the specific needs of a large industrial user contiguous to the other two existing buildings.
CT notes that this is the latest in a series of Inland Empire deals for the company, which has been active in the region over the past year acquiring nearly four million square feet of class A industrial buildings in the region. Strong tenant demand has led to significant leasing within the portfolio, including a recent 1.4 million-square-foot lease to Hewlett Packard at CT’s Cajon Distribution Center in San Bernardino, as well as several other leases ranging from 95,000 to 200,000 square feet.
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