A joint venture between CT Realty Investors and Artemis Real Estate Partners Fund I announced this week that it had sold the 123,000 square-foot corporate headquarters building at 6 Whatney in Irvine, California for $11.8 million. An unnamed buyer, an owner/user, was represented by Ryan Swanson and Phil Cohen with the Lee & Associates Irvine office. The CT Realty/Artemis joint venture represented itself. Wells Fargo provided the financing.
"This Irvine Spectrum property represented an attractive investment valued below replacement cost in keeping with our risk-adjusted investment strategy," said Carter Ewing, managing partner of CT Realty Investors. "As the South Orange County industrial market improved, the opportunity to dispose of the asset immediately following the acquisition led to exceeding our exit value in only three months of owning the property."
In December 2012, the CT Realty/Artemis joint venture acquired the facility, with plans to renovate the facility through a capital improvement campaign and then market it as a corporate headquarters. However, immediately following the acquisition, the CT Realty/Artemis joint venture sold the industrial property after only three months of owning the property.
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