California-based CT Realty investors Inc. has sold two office buildings at Citrus Park West Business Park for $6.6 million to the County of Riverside, California; this is the second Inland Empire sale for the company in the last couple of weeks.
The two office buildings are located at 3125 and 3075 Myers Street, south of the 91 freeway and west of Van Buren Boulevard and total 78,116 ft.² Citrus Park was previously the national headquarters for Fleetwood Enterprises Inc. before CT Realty investors Inc. purchased the site in 2008, subsequently converting the 417,811 ft.² 12 building property into a multi-tenant business park which has offices and warehouse buildings for sale or lease from 30,000 ft.² to 55,000 ft.².
The business park has warehousing and manufacturing facilities with outside storage opportunities and generous office components. The entire site was renovated and now has a contemporary, campus like business park environment which is ideal for owners and tenants involved in light manufacturing, product development and assembly, as well as for light industrial use. The renovations included electrical upgrades, facade upgrades, enhanced landscaping and a coordinated sign program.
Apparently the County plans to use the office space to house its Department of Mental Health and a data centre, and James "Watty" Watson, president and CEO of CT Realty says "The park-like setting of this CT project, combined with its ideal proximity to the 91 freeway at Van Buren with excess parking availability, positioned Citrus Park West as an ideal location for the County’s use."
Dave Mudge and Tom Pierik , who are with Lee & Associates downtown Riverside office represented CT Realty in the transaction. The County of Riverside represented itself.
Watson went on to say "CT has a long history of investing and deep relationships throughout Riverside County and is delighted to add this County operation and its people to the Citrus Park West family."
CT Realty Investors was established in 1994, and since then has completed more than 200 transactions with a value in excess of $2.5 billion through a series of 10 independent discretionary private equity real estate funds. It continues to invest in institutional quality industrial properties, multi-family properties and debt instruments in the south-western United States.