Both of the developments were purchased by a joint venture of Irvine-based investment group CIP Real Estate and a fund managed by Alex Brown Realty Inc. One of the projects is a 161,127-sf complex in Fullerton and the other is a 155,529-sf light industrial facility in San Diego.
The Orange County project, known as Fullerton Business Center, stands at the intersection of Walnut Avenue and State College Boulevard. It was purchased for $8 million from a partnership affiliate of Legacy Partners and is more than 85% leased.
A team of CB Richard Ellis brokers that includes Jerry Nourse, Bob Smith, Michael Kane and Forrest Wylder represented the seller. CIP's in-house staff represented the partnership.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
