The Irvine campus sale price of $24.5 was based on the sale of only one of the buildings, Banting 3, which is the building Cal State Fullerton occupied. This sale price did not include the price of Banting 1 and did not reflect the true price of the two buildings that were sold together.
The Daily Titan did not recognize the mistake until Tuesday, two days after the story was printed.
The actual sale price of the two buildings, Banting 1 and Banting 3, was $49.6 million. The sale of the building was non- disclosed, according to the county clerk office.
Ellen Treanor, the Associate Vice President for Strategic Communications at CSUF, said an NDA was requested by the buyer of the property and the entity is “secretive by nature.”
However, the county clerk’s office was able to release the grant deed for the sale. This document showed the transfer tax paid by the buyer, which was $54,587.50.
The California transfer tax rate is $1.10 per $1,000, which calculates to the true sale price being $49.6 million for the two buildings, Banting 1 and Banting 3.
The previous assessed value of the property, $21 million, only accounted for the assessment of Banting 3. The two buildings, Banting 1 and Banting 3 were assessed for a combined total of $30.5 million. The building sold for $19.1 million over its assessed value.
Chuck Kissel, the Executive Director for Auxiliary Services Corporation at CSUF, confirmed that ASC spent approximately $4.3 million on improvements to Banting 1 and Banting 3.
CSUF paid $30.5 million for the two buildings in 2013, invested approximately $4.3 million in the building and sold the building for $49.6 million. CSUF received a profit of $14.8 million on their recent sale.
The buyer of the building is Telemetry Properties LLC, a company created to buy the building. The actual buyer is TGS Management, hedge fund located in Irvine, California and Princeton, New Jersey.
Travis Jepeway contributed to the reporting in this article.