Baltimore, MD –A joint venture formed by Alex. Brown Realty, Inc. (ABR) and CIP Real Estate (CIP) has acquired a 313,417 sf flex industrial/small office portfolio in Upland, California. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $10.4 million in the joint venture. Financing was provided by Lincoln Benefit Life Company.
Known as College Business Park, the flex industrial/small office portfolio is comprised of 17 buildings located on a 24-acre campus in Upland, California near the Claremont Colleges. At acquisition, the portfolio was 94% occupied by 214 tenants with an average tenant size of 1,400 sf. College Business Park was built in three phases from 1987-1990 and provides flexible divisibility, allowing for office and industrial users of various sizes.
“With select value-add improvements and more entrepreneurial ownership, we expect to reduce operating expenses and increase revenues,” stated Tom Burton, ABR’s chief investment officer. Additionally, the portfolio’s multiple buildings and suite sizes should provide leasing flexibility, while also allowing tenants the ability to expand and grow within the portfolio.
“We have had a long and successful history partnering with CIP,” commented John Prugh, president and CEO of ABR. “College Business Park is a welcome addition to the portfolio of assets being assembled for the Fund.”
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
CIP Real Estate is a full-service real estate investment and management company focused on acquiring, developing, repositioning and managing office, business and industrial parks. Founded in 1995, CIP owns and manages more than 5 million square feet of real estate throughout California, Nevada and North Carolina. www.ciprealestate.com