Newport Beach-based CT Realty Corp. has added to its management team ahead of what’s expected to be a busy few years of fundraising and acquisitions.
The real estate investor, which has been involved in more than $2 billion of developments, acquisitions and sales since starting up in 1994, added two real estate executives to its ranks: James “Watty” Watson and Carter Ewing.
Watson, chief executive of Aliso Viejo-based TechSpace Inc. and former president of Newport Beach’s Koll Development Co., is coming on to take over the chief executive and president duties at CT Realty.
Robert Campbell, the founder and president and longtime public face of CT Realty, is becoming chairman. He said he plans to remain active in daily operations.
“We’ve been looking at figuring out a succession plan for several years,” Campbell said. “I’m not getting any younger, but I’m not going anywhere.”
U.T. “Tom” Thompson, CT Realty’s previous chairman and cofounder, becomes chairman emeritus.
Ewing is another Koll Co. veteran, having once headed up the developer’s Denver office. He’s joining CT Realty as executive vice president of strategic acquisitions.
Most recently, Ewing was the president and cofounder of Costa Mesa-based Arnel Capital Investments, a division of George Argyros’ Arnel & Affiliates.
The additions of Watson and Ewing are intended to bring executives with more “strategic, entrepreneurial roles” to CT Realty as it looks to shake up its deal-making in the next few years, Campbell said.
Watson intends to stay in charge of office campus operator TechSpace with his role at CT Realty. The plan is to align the businesses.
CT Realty plans to move its headquarters from Newport Beach to the TechSpace building in Aliso Viejo this January.
Watson and CT Realty have been co-investors in a number of projects.
Most recently, Watson and Campbell helped fund Irvine-based National Home Auction Corp., an upstart foreclosure auction company that closed its doors last year after lawsuits from a competitor
The new hires come as CT Realty is ramping up its money raising activities in hopes of acquiring distressed real estate during the next few years.
The company said it is looking to raise as much as $400 million in the next year, from its core base of wealthy investors as well as new sources.
“We’re looking to expand our investor base,” Campbell said.
Acquisition Targets
That money would be spent on upscale industrial, office and apartment buildings, in addition to distressed debt tied to real estate.
Campbell said that $100 million will be dedicated to a fund that’s set to be launched next month. The CT California Fund VII will focus on industrial, office and apartment buildings primarily in Southern California.
The first six CT California Funds raised about $300 million in total. Each fund typically raises $10 million to $50 million. The most recent fund still is looking for investments.
The new fund will be CT Realty’s largest to date, according to Campbell.
