New Developments at CT Realty Corp.

After three years of investing in fixer-upper office and industrial properties, Newport Beach-based CT Realty Corp. is trying its hand at development. The company broke ground last week on its first project, the Bell Ranch Business Park just east of the Santa Ana and San Gabriel River freeways in Santa Fe Springs.

The four-building business park, slated for completion in March, is the second phase of an existing project developed by Lusk Co. in 1989. Since then, no other multi-tenant office space has been built in the area, company officials claim. CT purchased the land as well as the existing buildings from Lusk for $6.4 million.

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Melinda Fulmer covers real estate for The Times. She can be reached at (714) 966-7832 and at melinda.fulmer@latimes.com