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INLAND EMPIRE NEWS
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CIP Real Estate Acquired $80 Mil in Inland Empire Assets During 2015

3/03/16

CIP Real Estate completed four acquisitions with a combined value of $80 mil during 2015, all within SoCal’s Inland Empire region. The Irvine-based real estate firm acquired three of the assets in joint venture with its long-time investment partner, Alex Brown Realty Inc (ABR), out of Baltimore.

The first of the CIP/ABR joint venture’s three acquisitions was the $13.3 mil purchase of Center Tower Riverside, one of only three privately-owned Class A office buildings in downtown Riverside. Located at 3880 Lemon St, the five-story, 74k sf tower and four-level parking structure are immediately adjacent to the Federal and State Courts and Riverside City and County office complexes.

CIP has fully leased this asset and is in the process of substantially upgrading and modernizing the building with improvements including natural stone tile in the lobby, glass storefronts with wood paneling for ground floor tenants, upgraded lighting fixtures, and an enhanced EMS (Energy Management System) to optimize energy usage. Major new tenants to the building include Wells Fargo Advisors and Best, Best & Krieger who join long- time tenants Kleinfelder West, Inc, Reid & Hellyer, and the County of Riverside.

The CIP/ABR joint venture purchased two substantial business parks: College Business Park in Upland for $34.5 mil and Milliken Business Center in Ontario for $17.1 mil. College Business Park, a 314k sf office and industrial park, was 96 percent leased to more than 250 tenants, such as PAR Electrical Contractors. Located at the intersection of North Monte Vista Ave and Foothill Blvd, College Business Park benefits from its core location in Upland and Claremont, directly adjacent to the Claremont Colleges.

Milliken Business Center, a 157.7k sf Class A business park, was 95 percent leased upon acquisition from an investment fund managed by Colony Capital. Located at the intersection of South Milliken Ave and East Lowell St, Milliken Business Center is centrally located in the Ontario market, within the California Commerce Center, a free trade zone immediately adjacent to the Ontario International Airport.

The acquisition of these three assets marks the 16th, 17th and 18th joint venture acquisitions by CIP and ABR since 1998.

Last, CIP completed the $15 million acquisition of Indiana Business Park, a 150k sf, small unit bay industrial park located near the Tyler Mall in Riverside, with an investment by its private investment group. The seller was a joint venture of CIP Real Estate and Blue Vista Capital Management, which acquired the asset as part of a portfolio buy back in 2011. The park was the remaining asset from that portfolio.

Indiana Business Park was approximately 95 percent leased upon acquisition. The property was recently completely renovated, making Indiana Business Park the highest quality industrial park in its submarket.






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