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CT Realty Investors Sells Irvine Spectrum HQ Facility


May 29, 2013 - IRVINE, CA

A CT Realty Investors joint venture with Artemis Real Estate Partners Fund I announced the sale of a 123,000-square-foot corporate headquarters building in the Irvine Spectrum in Irvine, Calif. In an $11.8 million transaction, the corporate headquarters facility was sold to an owner/user.

Located at 6 Whatney on the corner of Bake Parkway and Rockfield Boulevard, the corporate headquarters building sits on a five-acre site in the Irvine Spectrum submarket. The premier location, one of the most strategically located industrial manufacturing hubs in Southern California, provides direct access to the Interstates 5 and 405 freeway systems with distribution access to the western United States.

In December 2012, the CT Realty/Artemis joint venture acquired the facility in one of the tightest industrial markets in Southern California, which is declining in aggregate size due to the widespread conversion of industrial land to multi-family land. CT Realty recognized the opportunity to renovate the building through an extensive capital improvement plan and market the site as a corporate headquarters facility in the Orange County industrial market. However, immediately following the acquisition, the CT Realty/Artemis joint venture sold the industrial property after only three months of owning the property.

According to Carter Ewing, managing partner of CT Realty Investors, "This Irvine Spectrum property represented an attractive investment valued below replacement cost in keeping with our risk-adjusted investment strategy. 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."

Wells Fargo facilitated the financing on the transaction. Ryan Swanson and Phil Cohen with the Lee & Associates Irvine office represented the seller in the acquisition. The CT Realty/Artemis joint venture represented itself.

CT Realty has acquired more than five million square feet of industrial buildings in the last two years throughout most Southern California submarkets. The CT investment strategy has included a range of industrial acquisitions through multiple value-added, opportunistic funds sponsored and managed by CT Realty. As well, CT co-invests and manages a number of institutional joint ventures and a separate account direct investing relationships with institutional investors.

About CT Realty Investors

Since its establishment in 1994, CT Realty Investors has completed more than 200 transactions with value in excess of $2.5 billion. More recently, the primary investment focus has been industrial properties in Southern California and Dallas, Texas, with more than five million square feet of existing buildings and more than 600 acres of land acquired since 2010. More information about CT Realty Investors may be found at www.ctrinvestors.com.

About Artemis Real Estate Partners

Artemis Real Estate Partners is a real estate investment management firm that seeks to invest with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised $736 million of investor capital across two vehicles: $436 million of capital for Artemis Fund I and $300 million of capital in a separate account with The New York State Common Retirement Fund. Artemis's sole focus is U.S. commercial real estate. More information about Artemis may be found at www.artemisrep.com.

Contact:
Donna Hahn
(949) 458-3983
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