The company sold several assets in both Poway and Azusa, Calif., totaling more than 520,000 square feet, with the help of CBRE, Colliers International and Kidder Mathews.
CT Realty has sold four industrial buildings in Southern California. General Atomic Aeronautical Systems-a manufacturer of remotely piloted aircraft systems, radars and electro-optic systems solutions-bought one of the properties, a 339,328-square-foot industrial building, for $44 million. The new owner will occupy approximately 57 percent of the building.
CT Realty bought the asset in 2015 from Cohu, which occupies the remaining 43 percent of the building, for $34 million, while also renovating the property. Located at 12367 Crosthwaite in Poway, Calif., in the Poway Business Park, the building is one of the largest in northeast San Diego County. Kidder Mathews Executive Vice President Mickey Morera and Colliers International Senior Executive Vice President Ted Cuthbert represented both parties in the transaction.
The company also sold three newly constructed industrial buildings located on Aerojet Avenue in Azusa, Calif., for $31 million. CT Realty initially acquired the underlying 8.3-acre site and subdivided it for the development of three distribution buildings totaling 185,273 square feet. CBRE First Vice President Lynn Knox, Senior Vice President Jason Chao, Senior Associate Case Dahlen and Associate Cannon Chang provided marketing expertise for the project and represented CT Realty in the negotiations.
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