In September 2019, CIP Real Estate LLC (“CIP”) acquired College Business Park, a 313,417 square foot multi-tenant business park consisting of seventeen single-story buildings located in the cities of Upland and Claremont, California. The recapitalization was part of CIP’s first transaction with Almanac Realty Investors and was based on a property gross asset value of $47,750,000.
College Business Park is the dominant business park in the Upland/Claremont submarket and provides a wide range of industrial, flex, and office opportunities. The Project is comprised of thirteen industrial/flex buildings and four office buildings. The exterior and interior finishes and structural components of each building are in excellent condition. Built-in the late 1980s and early 1990s, the project was one of the last of its kind to be built in Southern California. As a typical Southern California multi-tenant business park, College Business Park stands out in the sub-region because of its dominant size and superior design.
CIP Real Estate initially acquired the project as a joint venture with Alex Brown Realty, Inc. in 2015. Since the original acquisition, CIP has completed and implemented the following business plan elements: bringing below-market rental rates up to market levels, increasing occupancy to >95%, lowering operating expenses, and adding a $0.05 CAM fee to rental structures.