SOURCE: CT Realty Investors
GARDEN GROVE, CA--(Marketwired - Oct 31, 2013) - An affiliate of CT Realty Investors (www.ctrinvestors.com) has acquired a 210,000-square-foot industrial building located at 12131 Western Ave. in Garden Grove, Calif. The CT affiliate acquired the property for $26 million from an undisclosed seller and is the ninth industrial acquisition for CT Realty in 2013.
Money Mailer LLC, a direct marketing company, leases 100 percent of the Garden Grove facility and has used the property as its corporate headquarters since 2007. Founded in Southern California, Money Mailer provides direct-to-consumer coupons that are available via direct mail or through online printing and mobile devices.
The Western Avenue facility is located in the master-planned Garden Grove Business Center in the West Orange County submarket near the Ports of Los Angeles. Located on 9.64 acres, the cross-dock property offers approximately 50,000 square feet of two-story, open plan office space and 160,000 square feet of manufacturing, warehouse and distribution space. The building features 21 dock-high positions, two ground-level doors, 26' - 32' warehouse ceiling clearance, an elevator, high efficiency T-5 lighting and a high-volume sprinkler system throughout. The property is also rail served by Union Pacific Railroad and includes significantly upgraded power.
"The West Orange County submarket is one of the most desirable markets in Southern California as a result of its port proximity, highly skilled work force and desirable corporate headquarters location," said Carter Ewing, managing partner of CT Realty Investors. "The area remains extremely supply constrained, and this submarket in particular is seeing a depleting inventory of industrial space. When you couple that with a very accessible labor force and strong user demand, these dynamics are driving value growth for well-located, functional product. This is a wonderful addition to our portfolio."
Michael Hartel and Mike Bouma with Voit Real Estate Services' Irvine, Calif., office and Clyde Stauff with the Irvine office of Colliers International represented the seller. CT Realty Investors represented itself.
About CT Realty Investors
Since its establishment in 1994, Aliso Viejo, Calif.-based 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.