CIP Pays $61M for San Gabriel Valley Business Park

CIP Real Estate has acquired a multi-use business center in the supply-constrained San Gabriel Valley submarket for $60.65 million. The Walnut Tech Business Center at the intersection of Valley Boulevard and Lemon Avenue in Walnut is a 200,049-square-foot shallow bay complex comprising 11 buildings.

The property is currently 92% leased. CIP will launch a $3.5-million capital improvements program to upgrade both the exterior and interior finishes across the project.

“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 sub-market of LA County,” said Eric Smyth, CEO of CIP.

The acquisition was financed with a loan from City National Bank, arranged by the SoCal debt team at JLL. CIP Real Estate represented itself in the transaction and the seller, an affiliate of AEW, was represented by the JLL West Coast Capital Markets team of Patrick Nally, Evan Moran and Chad Solomon.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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