CT REALTY BREAKS GROUND ON CT SYCAMORE CENTER
CT Realty announced that construction has begun on CT Sycamore Center in Riverside, Calif., the first development for the $120 million joint venture formed in 2014 between CT Realty and Prudential Real Estate Investors. The joint venture was established to develop new, for-sale industrial buildings throughout Southern California.
CT Sycamore Center, located within the 1,400-acre Sycamore Canyon Business Park on the northwest corner of Dan Kipper Drive and Sycamore Canyon Boulevard, is being built on 13.1 acres located near the Interstate 215/60 freeway interchange. The development project will encompass five Class A industrial buildings totaling 230,672 square feet on one of the few sites remaining for industrial development in the business park.
According to Keith Ross, executive vice president of development for CT Realty, the buildings are available for sale and expected to be completed by first quarter 2016. The first ground-up industrial buildings to be built in the business park since 2008, they range from 36,000 square feet to 53,000 square feet with space available for office use. Building features include dock high doors, ground level doors, 30-foot clear height, ESFR sprinkler systems, ample power and parking, and fully secured private truck yards. KPRS Construction Services Inc. based in Brea, Calif., will be the general contractor for the project.
Ross said the buildings are being marketed to potential owners/users who are interested in purchasing a new Class A property for light industrial manufacturing and warehousing operations.
“New buildings – especially Class A with outstanding warehousing facilities near important transportation corridors – are in high demand in the western portion of Riverside County,” Ross said. “With land for new industrial development becoming increasingly scarce in Southern California, the opportunity to own your own manufacturing and warehouse facility close to one of the most dynamic shipping and logistics centers in the world has become a rarity. We anticipate this project will draw solid interest from owners/users throughout the region.”
Frank Geraci and Juan Gutierrez, both with Voit Real Estate Services’ Ontario, Calif., office, are handling leasing and marketing responsibilities for the CT Sycamore Center.