March 1, 2016 Comments Off on CIP Acquires $80M Flex Industrial Portfolio Views: 609 California News, Inland Empire

CIP Acquires $80M Flex Industrial Portfolio

Irvine-based CIP Real Estate (CIP) completed four Inland Empire transactions within the past year, totaling $80-million. Three of the office and industrial assets were acquired in joint-venture with Baltimore-based Alex Brown Realty, Inc., a long-time investment partner with which CIP completed 18 previous acquisitions.

Recent acquisitions:
– Center Tower Riverside, a $13.3-million deal for a 74,000-square-foot Class A office tower in downtown Riverside
– College Business Park, a $34.5-million deal for a 314,000-square-foot office and industrial park in Upland
– Milliken Business Center, a $17.1-million deal for a 157,711-square-foot Class A business park in Ontario, from an investment fund managed by Colony Capital

CIP also completed a $15-million purchase of Indiana Business Park, a 150,000-square-foot industrial park in Riverside, with funding by its private investment group. The seller was a joint venture of CIP Real Estate and Blue Vista Capital Management.

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