Two Southern California Business Parks Sell for $37 Million

CIP Real Estate of Irvine, Calif. has sold two multi-tenant business parks to CRP-2 Acquisitions LLC, an affiliate of Colony Realty Partners for $37 million. The business parks are the Milliken Business Center in Ontario (San Bernardino County) and Brea Canyon Business Park in Walnut (Los Angeles County), which are located in prime Southern California locations with access to major freeways and surface arterials.

Milliken Business Center is a 12-building, 157,711 sq. ft. property situated on approximately 11 acres that is located at 1035 – 1155 S. Milliken Ave. and 4315 – 4395 E. Lowell Street in Ontario. Built in 1987 and renovated in 2002, the unit sizes range from 525 to 7,675 sq. ft. and 35% of the project is office space. It is located in the heart of California Commerce Center, one of the Inland Empire’s premier master planned business developments.

Brea Canyon Business Park is a five-building, 79,839 sq. ft. property situated on more than 4 acres that is located at 565 Brea Canyon Rd., 20947 – 20971 Currier Road and 515 Spanish Lane in Walnut. Built in 1988 and renovated in 2002 and 2003, the unit sizes range from 1,204 to 5,420 sq. ft. and 25% of the project is improved as office space. The property is also located adjacent to the new Grand Crossings Distribution Center, a 350-acre master planned development.

Milliken Business Center is 90% occupied. Tenants include Verizon Wireless, Great Earth Companies, Huitt Zollars and Diamond Injection Molds. Brea Canyon Business Park is 95% occupied with such tenants as: Time Warner International, Inc., Golden Warrior Cutlery, Inc. and Metro Wireless Communications.

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