HUNTINGTON BEACH, CA--(Marketwired - Aug 5, 2013) - CT Realty Investors (www.ctrinvestors.com) has acquired a 102,700-square-foot industrial building located at 17311 Nichols Lane in Huntington Beach, Calif., in a joint venture with Artemis Real Estate Partners. The joint venture acquired the building for $10.6 million from the previous owner/user of the property. The transaction was made on behalf of New York State Common Retirement Fund's ("NYSCRF") $300 million real estate emerging manager program, which seeks to invest with best-in-class operating partners who have market and product expertise. CT Realty Investors has been approved by NYSCRF as an industrial operating partner in the emerging manager program focused on the Southern California region.
The Nichols Lane industrial warehouse facility is located approximately two miles from Interstate 405 and 12 miles from the ports of Los Angeles and Long Beach within the Orange County West submarket. The property features an on-site rail spur, 24'-26' minimum warehouse clearance, five dock high loading doors and six ground level doors, as well as 7,600 square feet of first- and second-story office space.
CT Realty and Artemis also announced that the joint venture has signed a 10-year lease valued at approximately $9.1 million with Driessen Aircraft Interior Systems Inc. Driessen, which specializes in designing, manufacturing and marketing high quality galleys for commercial and private aircraft, will occupy 100 percent of the space. Driessen's parent company, Zodiac Aerospace, with more than 20,000 employees worldwide, recorded $3 billion in sales in 2012.
"This transaction represents an outstanding opportunity to acquire a core infill industrial building which will be fully leased by a quality tenant for the next 10 years," said Carter Ewing, managing partner of CT Realty. "The property benefits from two-way trade through the twin ports of Los Angeles and Long Beach and is ranked among the top five port complexes in the world as the nation's trade gateway to Asia. Moreover, the Nichols Lane acquisition fits well with our strategy of acquiring industrial properties with excellent access to ports and other major distribution networks."
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 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 and the separate account may be found at www.artemisrep.com.