CT Realty Investors, Inc., an Aliso Viejo, CA-based real estate investment, development and management company, announced this week that it had sold the City Center office property in Ventura for $15.5 million. 5700/5720/5740 Ralston Street LLC purchased the three-building City Center with representation from Timothy Foutz of NAI Capital, while CT Realty was represented by Mark Perry and Carlene O'Neill of CBRE. The property was reportedly 95% leased at the time of sale with major tenants including Crowell Weedon, ReMax Gold Coast Partners and the County of Ventura.
Located at at 5700, 5720 and 5740 Ralston St. in the heart of Ventura, City Center offers 111,000 square feet of office space. CT Realty purchased the property in 2008, then known as the Ventura Professional Center, and made improvements on the property during the rebranding to include rebuilding larger spaces into smaller offices, replacing HVAC units, and updating interior corridors and lobby areas. "We busted up all the pieces because it was tough to find that big corporate tenant again," said Roland Dolendo, a transaction closer for CT Realty. "Nobody needs 15,000 square feet. You gotta fill it with people who don't need that large space."
According to James "Watty" Watson, president and CEO of CT Realty, "City Center was transformed into one of the most desirable business locations in the region through an aggressive renovation program, typifying CT's strategy of acquiring under-valued yet well-located properties and repositioning them to compete in the current marketplace. We are very pleased with the performance of the City Center and how receptive the market has been to this premier office project."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment