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FULLERTON, CA-Irvine, Calif.-based CIP Real Estate has sold its 162,000-sf Fullerton Business Center, a distribution and industrial project at 2300 to 2386E. Walnut Ave., to a private investor for $10.98 million.The business center is one of a number of properties that CIP owned in a joint venture with Alex Brown Realty Inc. of Baltimore, Md., and has sold recently as the Irvine-based company realigns its Southern California portfolio.

As part of that strategy, Principal Chuck McKenna says, CIP has sold $42 million in assets since July. The company also has acquired $40 million of commercial properties in recent months and plans to purchase $150 million of office and industrial properties from now through 2003 as part of what it calls an “aggressive expansion and diversification strategy.” The company has specialized in industrial properties until now, he says, but it is now diversifying into other property types.

Besides the Fullerton property, CIP has sold the 146,000-sf Esplanade business park at 3001 Red Hill Ave. in Costa Mesa for $16 million, the 120,000-sf Park La Habra industrial park on Lambert Road in La Habra for $7.8 million, and the 128,000-sfSchaefer Industrial Park at 5568-5660 Schaefer Ave. in Chino for $7.25 million.

CIP’s acquisitions, boosting its portfolio to more than 2 million sf, have included $26.7 million for the 178,000-sf Empire Towers office building in Ontario, $5.6 million for the 38,0000-sf Centerpointe Plaza office project in Irvine, and $8 for the 92,000-sf Northridge Promenade shopping center in Northridge, Calif., where CIP plans to spend more than $2 million to refurbish the center.

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