In another venture with Alex. Brown Realty, CIP Real Estate acquired this 80,000 square foot, former Kearny Mesa multi-tenant industrial park in 2103 from a division of Union Bank which used the project as a “back office” call and loan center. Union Bank vacated the six buildings in the project over a year’s span after the sale, during which time CIP Real Estate’s management team converted each building back to its original small unit bay industrial/flex condition at a total cost of approximately $2.0 million.
In addition to the full renovation of the interior suites, CIP Real Estate rebranded the park by completely altering the exterior finish of the park to a modern “tech” look. As a direct result of this renovation, the project was highly successful in attracting R&D and low intensity manufacturing/assembly tenants in this hyper-strong San Diego sub-market.
Mercury Tech Center was sold in January 2017 to a private investor producing outstanding overall returns to the ownership.