CIP purchased the three-story building at the intersection of Jamboree Road and MacArthur Boulevard in the Irvine Business Center in 2002. It has completed substantial improvements to the building in the past year, including reconfiguring the third floor from executive suites to multi-tenant space, repair and replacement of HVAC units, upgrading the restrooms and common areas, exterior painting and landscaping upgrades.
CIP tapped Buchanan Street to replace existing bridge financing that was used for the acquisition. The new loan is at "a competitively priced, five-year fixed rate loan that includes an interest only feature in the first year," according to Tim Hawthorne and Jared Rogers in Buchanan Street's Newport Beach office, who arranged the financing.
CIP specializes in the acquisition, development, repositioning and management of industrial, business and office parks throughout Southern California. The firm oversees a portfolio of more than 1.8 million sf valued at more than $200 million. Newport Beach-based Buchanan Street is a real estate investment bank that provides capital for owners and developers.
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