IRVINE, CA—A joint venture of CT Realty Investors and Artemis Real Estate Partners Fund I has sold the 123,000-sq.-ft. corporate headquarters building at 6 Whatney in Irvine, Calif. The unnamed buyer, an owner/user, purchased the property for $11.8 million. The facility is located on 5 acres of land within the Irvine Spectrum submarket.
The CT Realty/Artemis joint venture purchased the industrial property in December 2012. The original plan was to renovate the facility through a capital improvement campaign and then market it as a corporate headquarters.
“This Irvine Spectrum property represented an attractive investment valued below replacement cost in keeping with our risk-adjusted investment strategy,” said Carter Ewing, managing partner of CT Realty Investors, in a statement. “As the South Orange County industrial market improved, the opportunity to dispose of the asset immediately following the acquisition led to exceeding our exit value in only three months of owning the property.”
The buyer was represented by Ryan Swanson and Phil Cohen with the Lee & Associates Irvine office. Wells Fargo provided the financing.