3/18/2008

CIP Real Estate sells two California business parks for $37.25M

by

Brea Canyon Business Park

Milliken Business Center

CIP Real Estate has sold two multi-tenant business parks in San Bernardino and Los Angeles Counties for $37.25 million to CRP-2 Acquisitions, LLC, an affiliate of Colony Realty Partners.

CIP was represented in the deal by Michael Hefner, Alan Pekarcik and Dan Vittone of Irvine-based Voit Commercial Brokerage.

The two properties are the Milliken Business Center in Ontario and the Brea Canyon Business Park in Walnut. Milliken is a 12-building property that contains 157,711 square feet. It is situated on 10.9 acres at 1035-1155 S. Milliken Ave. The business park was developed in 1987, renovated in 2002 and is located near the Ontario International Airport.

The Brea Canyon property was built in 1988 and renovated in 2002 and 2003. The five-building park contains 79,839 square feet on 4.5 acres of land. It is located at 20947-20971 Currier Rd. and 515 Spanish Lane in Walnut. It is located adjacent to the Grand Crossings Distribution Center, a 350-acre master-planned development.

Hefner has been with Voit Commercial since its founding in 1988. He leads Voit's Hefner Team, which focuses on commercial real estate investments in Southern California. He was a top five producer for Daum Commercial before joining Voit and is a graduate of California State University-Fullerton.

Pekarcik is a senior vice president with Voit Commercial, joining the company in 1998. Prior to that he was vice president of acquisitions for Kilroy Realty and also a broker for DAUM/Johnstown American. He holds a degree in Business Administration from the University of Southern California.

Vittone, also a senior VP, joined Voit in 2001 after holding posts as manager with Cushman Realty and financial analyst with CB Commercial Real Estate Group. He is a graduate of the University of California-Los Angeles with a degree is Business and Finance. Together, Pekarcik and Vittone head Team PV.

Address: 1035-1155 S. Milliken Ave., Ontario, Calif.
- 20947-20971 Currier Rd. & 515 Spanish Lane, Walnut, Calif.

Size: 237,550 square feet

Built: 1987, 1988

---

Filed Under: Office

E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us

Comments on this article

No comments have been posted in the last 15 days!

Send us your comments on this article

* - Required fields Subject: * Message: * Contact Name: * Contact URL: Contact Email: * Write the characters in the image above:

Related Headlines

• Colliers International welcomes three brokers in California - 5/29/2009
• Texas hotel sells for $4.275M - 5/29/2009
• Massey Knakal lists NoHo retail building for $5.95M - 5/29/2009
• California industrial building sells for nearly $3 million - 5/29/2009
• NAI facilitates sale of Alaska mixed-use building - 5/28/2009
• Long Beach retail center commands $6.05M - 5/28/2009
• Florida land fetches $2.725M - 5/28/2009
• Marcus & Millichap list Virginia retail store for more than $10.2M - 5/28/2009
• Colliers Arnold stays busy in Tampa - 5/27/2009
• Colliers sells two buildings in California - 5/27/2009