A joint venture between Alex. Brown Realty (ABR) and CIP Real Estate has acquired a flex industrial/small office portfolio in Upland, California. The 313,417 square foot portfolio called College Business Park is comprised of 17 buildings located on a 24-acre campus near the Claremont Colleges. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR invested $10.4 million in the JV, while financing came from Lincoln Benefit Life Company. At the time of closing the park was 94 percent leased.
“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. He said ABR has worked with CIP on multiple other investments in the past. He noted that 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.
