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CIP Real Estate buys San Gabriel Valley industrial park for $61M
The 11-building Walnut Tech Business Center is 92% leased, and the deal includes $42.9 million in acquisition financing from City National Bank.
CIP Real Estate has acquired the Walnut Tech Business Center, an 11-building industrial and flex property in Walnut, Los Angeles County, for about $60.7 million.
The complex totals 200,049 square feet and includes 109 industrial, flex-office, and service-commercial suites sized from 640 to 8,400 square feet. The property is 92% leased, and City National Bank provided $42.9 million in acquisition financing, arranged by JLL.
CIP said it plans a $3.5 million capital improvement program this year. Commercial Observer reports the business sits about a mile from the 60 Freeway and is positioned to serve the City of Industry area, where small bay industrial space remains supply constrained.
The acquisition adds to CIP’s recent industrial park activity, with the firm saying 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. CIP also owns and manages more than 12 million square feet of real estate.