CT Realty Acquires Office/Industrial Park in Sacramento

Newport Beach-based CT Realty Corp., a real estate investment and development firm, has acquired Pacific Gulf Commerce Park in Sacramento for $6.2 million. The property was acquired through Wells Fargo in Minneapolis, which acted as trustee for the seller, PGP Partners Liquidating Trust of Newport Beach.

Pacific Gulf Commerce Park is located on 11 acres at 1800-1832 Tribute Rd., near the confluence of the 80 and 160 freeways, across from the Arden Square regional shopping center. The multi-tenant property features nine buildings ranging from 10,000 sq. ft. to 20,000 sq. ft., encompassing a total of 146,893 sq. ft. of industrial and office/flex space.

CT Realty plans to spend more than $2 million renovating and upgrading the property, said Senior VP John Valentine. Renovations will include updated architectural elements, as well as exterior painting and other improvements.

The architect for the project is Ottolini, Booth & Associates of Fair Oaks, with general contracting services provided by GP Construction of North Highlands.

In addition, the property will be renamed “Pointe West Business Park” as part of an overall repositioning of the park within the marketplace. Pointe West is currently at 63 percent occupancy, with additional leases signed bringing the occupancy to 69 percent.

Valentine said that the company has been actively seeking this type of office/industrial product to add to its Sacramento portfolio.

“Pointe West passes one of our most important tests – that the investment opportunity feature an outstanding location with great growth potential,” he said.. “In addition, this business park fits our philosophy of acquiring properties that need upgrading, but offer substantial upside potential because of its strong location.”

With the Pointe West acquisition, CT Realty now owns 363,505 sq. ft. of office and industrial space in the Sacramento basin, including Lincoln Village Office Park in Sacramento (85,742 sq. ft.) and Regents Park in Gold River (130,870 sq. ft.).

Equity financing for the acquisition was provided through a limited partnership offering and CT California Fund III LLC, with debt financing provided through Fremont Investment and Loan. No brokers were involved in the transaction. CT Realty and the seller were self-represented.