The owner of a 200,049-square-foot industrial and flex complex in Los Angeles County’s San Gabriel Valley has unloaded the asset for $60.7 million.
The Irvine-based CIP Real Estate acquired the Walnut Tech Business Center, an 11-building property at Valley Boulevard and Lemon Avenue in Walnut, from an affiliate of AEW. The complex contains 109 industrial, flex-office and service-commercial suites ranging from 640 to 8,400 square feet and is 92 percent leased.
Property records show City National Bank provided $42.9 million in acquisition financing, arranged by JLL.
CIP also plans a $3.5 million capital improvement program this year. The business center sits about a mile from the 60 Freeway and serves the City of Industry area, where small bay industrial space remains highly supply constrained.
“Very few quality small bay industrial parks come available for sale in Southern California each year, especially a best-in-class project in this strategically important submarket of L.A. County,” CIP CEO Eric Smyth said in a statement.
CIP represented itself in the transaction, while JLL’s Patrick Nally, Evan Moran and Chad Solomon represented AEW.
The Walnut acquisition extends a busy stretch for CIP. The firm said it has closed more than $200 million in industrial park transactions over the past 90 days across Dallas, South Florida and Atlanta, bringing its industrial portfolio to more than $2.5 billion. The company owns and manages more than 12 million square feet of real estate.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
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