Aliso Viejo, California-based CT Realty announced that it has purchased a 339,264-square-foot industrial building in Poway, California for $34.05 million. CT Realty purchased the property from Cohu Inc., a leading supplier of semiconductor test and inspection handlers, micro-electro mechanical system test modules, test contractors and thermal sub-systems used by the global semiconductor industry, which currently uses the building as its headquarters. CBRE represented Cohu in the transaction, while CT Realty was self represented; terms of the deal were not disclosed.
Located at 12367 Crosthwaite Circle in the Poway Business Park, the property is one of the largest industrial buildings in northeast San Diego County. "Large industrial assets available for purchase in the Poway submarket are becoming increasingly rare due to strong market fundamentals and a lack of existing product,” said Steve Provencio, director of acquisitions for CT Realty. "The opportunity to acquire the Crosthwaite property with a long-term Class A tenant and solid upside potential for the remaining space made this property extremely attractive." Cohu will continue to lease nearly half of the building for another 10 years; CT Realty said in a press release that it would demise the remaining 192,629 square feet to accommodate one or two light manufacturing, warehouse and distribution, or R&D tenants.
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