San Marcos, Calif. - Newport Beach, Calif.-based CT Realty Corp. recently acquired the San Marcos Outlet Center for $4.67 million from New York-based Bankers Trust Co.
Located in the furniture district of San Marcos, the outlet center includes a 106,000-sq.-ft. building, a 250-car surface parking lot and a 200-car parking garage. The previous owner recently signed leases with Heritage Furniture Co. and Arizona Leather Factory. CT Realty is readying the space for occupancy by those tenants, notes senior vice president John Valentine.
CT Realty plans a $750,000 renovation of the building, in addition to $1.2 million in tenant improvements to reposition the remainder of the space toward the office market.