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Newport Beach-based CT Realty Corp., one of the region's fastest-growing real estate investment companies, is expanding into the development business.
CT Realty broke ground last week on the second phase of Bell Ranch Business Park, a multitenant office development in Santa Fe Springs. The Lusk Co. in Irvine built the first phase, which CT Realty recently purchased for $6.38 million.
The sale included 2.34 acres of vacant land inside the ranch, where CT Realty plans to build four multitenant low-rise buildings with a combined 46,128 square feet of office space.
It's the first new construction project for four-year-old CT Realty, which previously has confined its activity to buying undervalued investment properties, fixing them up and selling them for a profit.
Robert M. Campbell, CT Realty's president, said the company's move into the development business was partially fueled by its desire to diversify.
But the move also reflects the fact that bargain-based "fixer-upper" commercial properties in OC have all but disappeared, Campbell added.
"For a while, it was pretty easy to find (undervalued) properties that needed only a little bit of work," Campbell said. "But most of those properties have been...