NEWPORT BEACH -- CT Realty Corp. of Newport Beach and San Clemente-based Paradigm Pacific LLC have acquired Western Skies Golf Club in Gilbert, Ariz., for $2.65 million.

The property was purchased from Textron Financial Corp., a golf course lender.

The Western Skies acquisition represents the joint venture's second golf property investment in the past two months. In March, CT Realty and Paradigm purchased Cimarron Golf Resort in Cathedral City.

Western Skies, an 18-hole golf course property located on 130 acres, features a par-72, 18-hole championship course totaling 6,800 yds. The golf resort includes a 15,000-sq.-ft. clubhouse, sports bar and grill, lighted driving range and practice area. The course was designed by golf course architect Brian Whitcomb and built in 1992.

As with the Cimarron property, Paradigm Pacific will be responsible for the management and daily operations of Western Skies. The company has focused for 12 years on developing, acquiring, marketing and managing successful golf facilities throughout the United States.

Paradigm specializes in acquiring under-performing daily fee or semi-private golf facilities, either out of or subsequent to foreclosure. Western Skies was
previously in Chapter 11 bankruptcy.

The Paradigm principals' experience encompasses both large and small golf facilities, including Dove Canyon Country Club, Geneva National Golf Club, Emerald Valley Golf Club, Tan Tara Golf Club, Fox Valley Golf Club, Minebrook Golf Club, Stallion Mountain Golf Club and Royal Links Golf Club.

The company will implement a $1 million improvement and refurbishment program for the golf course and clubhouse, said Paradigm CEO Michael E. Abee.

CT Realty Corp. and Paradigm Pacific represented themselves in the acquisition transaction.

The CT Realty/Paradigm Pacific joint venture provided the equity financing for the purchase, with Textron Financial Corp. providing the debt financing.

Beverly Hills Building Bought for $2.95 Million

Price Co., a warehouse automation software company, purchased a 15,600-sq.- ft. office building in Beverly Hills for use as its corporate headquarters. The transaction was valued at $2.95 million.

The software company is slated to occupy the three-story, tilt-up building on San Vicente Blvd. in approximately six months. The firm will be relocating from approximately 4,000 sq. ft. of leased space in Beverly Hills.