CIP buys Walnut industrial park from AEW for $61M
CIP Real Estate is adding an industrial and flex campus in the San Gabriel Valley to its portfolio. Irvine-based CIP acquired the 11-building Walnut Tech Business Center in Walnut for $60.7 million, Commercial Observer reported. An affiliate of AEW unloaded the more than 200,000-square-foot complex. JLL’s Patrick Nally, Evan Moran and Chad Solomon represented the seller in the transaction, while CIP represented itself. CIP completed the purchase with $42.9 million in acquisition financing from City National Bank arranged by JLL, per property records cited by Commercial Observer. CIP plans to execute $3.5 million in capital improvements this year. The property […]This article originally appeared on The Real Deal. Click here to read the full story.
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