CIP Real Estate has secured a $58.6 million loan to recapitalize a three-property industrial and office portfolio totaling 609,898 square feet in Southern California's Inland Empire. The recapitalization included the procurement of up to $300M of equity growth capital creating nearly $900M of buying power over the next three to four years.
The portfolio comprises the 17-building College Business Park in Upland, California; the 12-building Milliken Business Center in Ontario, California; and the five-building Summit Business Center in Riverside, California. Overall, the portfolio is 95% leased to over 300 separate tenants.
The capital raise was led by JLL managing director Jeff Hawkins and EVP Derek Landry.
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Kelsi Maree Borland
