CIP Real Estate has acquired a multi-use business center in the supply-constrained San Gabriel Valley submarket for $60.65 million. The Walnut Tech Business Center at the intersection of Valley Boulevard and Lemon Avenue in Walnut is a 200,049-square-foot shallow bay complex comprising 11 buildings.
The property is currently 92% leased. CIP will launch a $3.5-million capital improvements program to upgrade both the exterior and interior finishes across the project.
“Very few quality small bay industrial parks come available for sale in Southern California each year, especially a best-in-class project in this strategically important sub-market of LA County,” said Eric Smyth, CEO of CIP.
The acquisition was financed with a loan from City National Bank, arranged by the SoCal debt team at JLL. CIP Real Estate represented itself in the transaction and the seller, an affiliate of AEW, was represented by the JLL West Coast Capital Markets team of Patrick Nally, Evan Moran and Chad Solomon.
