The separate sales included a one-story building and aready-to-build land parcel capable of holding 102,500 sf ofdevelopment. CIP owned the assets with Newport Beach, CA-basedBuchanan Street Partners, CIP's partner for all of its assets inLas Vegas.

CIP chairman Chuck McKenna tells GlobeSt.com that the two assetsand a third it sold in April were acquired in 2005 and were taggedat that time as short-term value-add investments. "There wasnothing wrong with them, they just didn't quite fit…," McKennasays.

The building it sold, 955 Grier, totals 46,000 sf. JMK LimitedPartnership of Campbell, CA, the owner of the building next door,paid $6.5 million for the asset, which is 66% leased in a park thatis otherwise essentially full. The tenants are Atronic AmericasLLC, Sound & Secure Inc. and Orchard Street Grill. McKenna saysthe plan was to lease up the vacancy and sell the building, but JMKsnapped it up first.