CIP Real Estate this week announced the sale of two Southern California business parks for a total price of nearly $37.3 million.
The properties, Milliken Business Center in Ontario (San Bernardino County) and Brea Canyon Business Park in Walnut (Los Angeles County), offer onsite parking and flexible unit sizes, and were sold to CRP-2 Acquisitions LLC, an affiliate of Colony Realty Partners.
Milliken Business Center is a 12-building, 157,711-square-foot property situated on 10.9 acres that is located at 1035-1155 S. Milliken Ave. and 4315-4395 E. Lowell St. in Ontario. Built in 1987 and renovated in 2002, the unit sizes range from 525 square feet to 7,675 square feet, and 35 percent of the project is office space.
Brea Canyon Business Park is a five-building, 79,839-square-foot property situated on nearly 4.5 acres of land that is located at 565 Brea Canyon Road, 20947-20971 Currier Road and 515 Spanish Lane in Walnut. Built in 1988 and renovated in 2002 and 2003, the unit sizes range from 1,204 square feet to 5,420 square feet, and 25 percent of the project is improved as office space.
Upon close of escrow, the Milliken Business Center was 90 percent occupied with a roster of tenants that included Verizon Wireless, Great Earth Companies, Huitt Zollars and Diamond Injection Molds. Brea Canyon Business Park closed with a 95 percent occupancy rate boasting such tenants as Time Warner International Inc., Golden Warrior Cutlery Inc. and Metro Wireless Communications.
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