Walnut Tech Business Center in California Acquired for $60.6 Million

The Walnut Tech Business Center, a shallow-bay business park located in Walnut, California, has been sold for $60.6 million. AEW divested the property to CIP Real Estate II LLC, with JLL Capital Markets brokering the sale and arranging $42.9 million in acquisition financing for the buyer.

The business center spans 200,049 square feet across 11 buildings, featuring 109 individual suites. These units are designated for industrial, flex office, and retail uses, with the property maintaining a 94 percent lease occupancy. JLL's team, including Patrick Nally, Evan Moran, Chad Solomon, Shae Vomund, and Lauren O’Neill, represented AEW in the deal. Kevin Mackenzie, Peter Thompson, Kyle White, and Colter Smith of JLL arranged the financing for CIP Real Estate II LLC. This acquisition highlights continued investor interest in well-leased, diversified business park assets in the Southern California market, particularly those offering a mix of industrial, flex office, and retail spaces. For developers and investors, such properties represent opportunities for stable income streams and potential value-add strategies in a competitive regional landscape.