CIP Real Estate’s acquisition in November 2011 of Summit Business Center is a prime example of its value-added business plan for commercial properties. The project was severely impacted by the recession and suffered through a foreclosure and subsequent mismanagement as a bank REO asset. CIP Real Estate was able to purchase Summit Business Center “off-market” at a very low cost basis and invest more than $2.0 million in much needed capital to fully renovate the project to current standards.
Summit Business Center is a single story business and flex park consisting of approximately 138,000 square feet in five buildings. Located in the Hunter Park sub-market of the City of Riverside, Summit Business Park is designed and positioned for government, non-profit, and “back office” uses. At acquisition, the project was only 28% leased, but CIP Real Estate’s management and marketing teams have improved occupancy to approximately 85% through both new leasing and organic growth of existing tenants. Summit Business Center is now positioned as one of the premier low rise office parks along the 91 and 215 freeways in the Inland Empire.