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11/25/19
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CIP Real Estate has obtained $58.6 mil in new, first lien financing on three industrial/office properties totaling 610k sf in the Inland Empire. Kevin MacKenzie, Brian Torp and Peter Thompson with JLL Capital Markets arranged the seven-year, fixed-rate loan through a national life insurance company.
College Business Park, Upland |
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The portfolio comprises: the 17-building College Business Park in Upland; the 12-building Milliken Business Center in Ontario; and the five-building Summit Business Center in Riverside. Overall, the portfolio is 95% leased to over 300 separate tenants.
CIP Real Estate retained JLL Securities as part of a broader strategic objective. The recapitalization included the procurement of up to $300 mil of equity growth capital creating nearly $900 mil of buying power over the next three to four years. The capital raise was led by JLL’s Jeff Hawkins and Derek Landry.
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