Updated Sep 24, 2026
Eric Smyth Of CIP Real Estate Acquires Walnut Tech Business Center From Jonathan Martin For $60.65M
20265 Valley Boulevard
$60,650,000
$303/SF
Building Size
200,049 SF
Asset Type
Industrial
Closing
Sep 22, 2026
About this deal
AI
The industrial property involved in the transaction is located at 20265 Valley Boulevard in Walnut, CA. The property spans a total of 200,049 square feet and was acquired for $60,650,000. The asset is part of the Walnut Tech Business Center and consists of 109 suites, which are currently 92% leased.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $60,650,000
- Buyer: Eric Smyth - CIP Real Estate
- Seller: Jonathan Martin - AEW
- Brokers: Patrick Nally, Evan Moran & Chad Solomon - JLL
- Lender: City National Bank
- Price per Square Foot: $303
- Capital Program: $3.5 million for property upgrades
- Leasing Status: 92% leased
The transaction was facilitated by City National Bank, which provided financing. JLL played a critical role in arranging the loan and representing the seller in this deal. CIP Real Estate has plans for a significant capital improvement program aimed at enhancing the property further.
Players
Walnut Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93