With the three-building acquisition, CIP now owns approximately 105,000 sf at Centerpointe, according to Chuck McKenna, principal of the real estate investment company. He notes the occupancy of the three buildings is at 95% and includes the University of California as a major tenant. The buildings are at the corner of MacArthur and Jamboree boulevards.

This acquisition, which was brokered by Robert E. Griffith and Jon E. Nesbitt of Cushman and Wakefield's local office, marks an expansion of CIP's ownership in the Centerpointe complex. In 2001, the company acquired its first building at the complex, a 37,000-sf property at 19762 MacArthur Blvd., for approximately $5.6 million. CIP completed more than $1 million in major renovations and tenant improvements to the three-story building's exterior, lobby, bathrooms, common areas and interior suites. CIP manages and leases the building, which is home to its headquarters. The company also will provide management and leasing services for its new acquisitions. It plans renovations for the three newly acquired buildings, including exterior and landscaping upgrades and lobby and other interior improvements.

CIP specializes in the acquisition, development, repositioning and management of office, business and industrial parks throughout Southern California. Over the past year, it has completed nearly $200 million in acquisitions and dispositions, including the purchase of the premier Empire Towers office complex, three class A office buildings located in Ontario, totaling approximately 324,000 sf.