CIP Sells Business Parks for $37M

Milliken Business Center is a 12-building project that is situated on 10.9 acres at 1035-1155 S. Milliken Ave. and 4315-4395 E. Lowell St. in Ontario. Built in 1987 and renovated in 2002, the park features units ranging from 525 sf to 7,675 sf, with 35% of the project built out as office space. The property is near Ontario International Airport and has immediate access to the 10, 15, 210 and 60 freeways. Additionally, Milliken Business Center is located in the heart of California Commerce Center, one of the Inland Empire's premier master-planned business developments.

[IMGCAP(2)]Brea Canyon Business Park is a five-building property situated on nearly 4.5 acres at 565 Brea Canyon Rd., 20947-20971 Currier Rd. and 515 Spanish Lane in Walnut. Built in 1988 and renovated in 2002 and 2003, the park features units ranging from 1,204 sf to 5,420 sf, with 25% of the square footage improved as office space. Brea Canyon Business Park offers access to Metrolink and the 60, 57, 10 and 210 freeways in the City of Industry submarket, one of the most supply-constrained markets in Southern California. The asset is also located adjacent to the new Grand Crossings Distribution Center, a 350-acre master-planned development.

Upon close of escrow, the Milliken Business Center was 90% occupied with a roster of tenants that include Verizon Wireless, Great Earth Companies, Huitt Zollars and Diamond Injection Molds. Brea Canyon Business Park closed with a 95% occupancy and a tenant list including Time Warner International Inc., Golden Warrior Cutlery Inc. and Metro Wireless Communications.

According to Robert Strom, a founding principal of CIP Real Estate, the company sold the properties earlier than it had anticipated under its original business plan. He explains that the sales of the two parks, which CIP had substantially improved, "was an opportunity presented by the strong market in Southern California." Strom notes that CIP is actively pursuing the acquisition of more assets of this class in both the Western and Southeastern US. As reported recently on GlobeSt.com, CIP has expanded its operations to include an office in Charlotte, NC in connection with the company's plans to acquire a significant portfolio of assets in the Southeast.

CIP was represented in the sales of the Milliken and Brea Canyon business parks by Michael Hefner of Voit Commercial Brokerage in Orange, along with Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage in Irvine.