POWAY, CA—CT Realty has purchased the 339,264-square-foot industrial building at 12367 Crosthwaite Circle in Poway for $34,050,000. The property is the headquarters of COHU, Inc., a leading supplier of semiconductor test and inspection handlers, micro-electro mechanical system test modules, test contactors and thermal sub-systems used by global semiconductor manufacturers and test subcontractors.
Louay Alsadek, Brad Black, Hunter Rowe and Andrew Taylor of CBRE along with Pat Collins represented the seller, COHU, Inc. CT Realty represented itself.
Built in 1992 on 20.87 acres in the Poway Business Park, 12367 Crosthwaite Circle features a 3.0:1,000SF parking ratio. CT Realty will demise the project into a multi-tenant building with COHU leasing back a portion of the building for 10 years.
"This asset provided a unique opportunity to acquire a building with an industry-leading tenant occupying part of the project and a value-add component containing a large block of space in a tight industrial submarket," said Steve Provencio of CT Realty.
According to CBRE Research, the industrial direct vacancy rate in Poway was 3.1% in fourth quarter 2015 compared to the county rate of 4.1%. CT Realty also recently acquired the 112,000-square-foot industrial property at 13550 Stowe Drive in Poway.
Since its establishment in 1994, Aliso Viejo, CA-based CT Realty has completed more than 220 transactions with value in excess of $2.5 billion. Most recently, the primary investment focus has been industrial properties in Southern California and Texas, with more than six-million square feet of existing buildings and more than 600 acres of land acquired since 2010.
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