CIP Real Estate recapitalizes 3 properties in Southern California
JLL secures $58.6M loan to facilitate the recapitalization of the 34-building portfolio
NEWPORT BEACH, CA, November 22, 2019 – JLL announced today that it has arranged $58.6 million in first lien financing for three industrial/office properties totaling 609,898 square feet in Southern California’s Inland Empire.
JLL worked on behalf of the borrower, CIP Real Estate, to secure a seven-year, fixed-rate loan through a national life insurance company.
The portfolio comprises the 17-building College Business Park in Upland, California; the 12-building Milliken Business Center in Ontario, California; and the five-building Summit Business Center in Riverside, California. Overall, the portfolio is 95% leased to over 300 separate tenants.
The JLL Capital Markets team representing the borrower was led by Executive Managing Director Kevin MacKenzie, Senior Director Brian Torp and Director Peter Thompson.
CIP Real Estate retained JLL Securities as part of a broader strategic objective. The recapitalization included the procurement of up to $300M of equity growth capital creating nearly $900M of buying power over the next three to four years. The capital raise was led by Managing Director Jeff Hawkins and Executive Vice President Derek Landry.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CIP Real Estate
CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding and management of industrial assets throughout West Coast, Southeast and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 4.5 million square feet of quality properties, with offices in Ontario (CA), Hayward (CA), Las Vegas, Charlotte and Atlanta.