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IRVINE, CA-Locally based CIP Real Estate has become the new owner of Ontario’s Milliken Business Center, along with its joint venture partner, an investment fund of Alex Brown Realty Inc. The joint venture partnership has acquired the industrial complex for approximately $9.5 million.

The 12-building complex is located at Milliken Avenue and Lowell Street. It encompasses 157,701 sf.

CIP Real Estate was represented in-house. The seller, Northwestern Mutual Life Insurance Co., was represented by Jerry Nourse of CB Richard Ellis.

As Irvine-based CIP Real Estate has snatched up industrial property in Ontario, Pacific Newport Properties Inc. of Irvine has sold an industrial building in Mira Loma. The 755,137-sf property, which stands at 4250 Hamner Ave., is the first phase of the planned 2.5 million-sf Mira Loma Distribution Center.

Fully occupied by Wal-Mart Stores Inc., the warehouse and distribution facility was developed by Pacific Newport Properties in 1998. Pacific sold it to Allianz of America Inc. in the recent deal. Although financial terms were not disclosed, industry sources estimate the Hamner Avenue property fetched more than $28 million.

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