{"id":6232,"date":"2022-06-06T18:23:29","date_gmt":"2022-06-06T23:23:29","guid":{"rendered":"https:\/\/1reason.com\/re\/cip-real-estate-doubled-commercial-property-holdings-with-north-dallas-acquisition\/6232\/"},"modified":"2022-06-07T13:23:29","modified_gmt":"2022-06-07T18:23:29","slug":"cip-real-estate-doubled-commercial-property-holdings-with-north-dallas-acquisition","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/cip-real-estate-doubled-commercial-property-holdings-with-north-dallas-acquisition\/6232\/","title":{"rendered":"CIP Real Estate Doubled Commercial Property Holdings with North Dallas Acquisition"},"content":{"rendered":"
In 2022, several of the company\u2019s new North Dallas assets will be available for sale, along with select properties in California and South Carolina. <\/p>\n

\u201cWe are excited about the acquisition of the Dallas North portfolio. It fits perfectly into our value-added business plan as we implement the sales of the smaller office assets while increasing income in the industrial portfolio\u201d said Robert Strom, Chairman of CIP Real Estate.<\/p>\n

The largest acquisition in CIP Real Estate\u2019s history was the Dallas North Portfolio, which includes 2.3 million square feet of properties in 36 individual industrial and office projects totaling 80 buildings located in Dallas and the rapidly expanding North Dallas cities of Richardson, Addison, Plano, Allen and Carrollton. The portfolio is approximately 80% occupied by over 550 tenants. The $265 million deal closed in December 2021.<\/p>\n

\u201cThe acquisition of this portfolio of small bay industrial and office projects was a rare opportunity to acquire significant mass in the DFW metro, particularly in submarkets where reproduction is basically impossible due to zoning restrictions, lack of suitable land, and escalating construction costs.We are expecting rental rates to increase markedly in the next five years as strong demand for this product type outstrips the available supply of space,\u201d said Eric Smyth, CEO of CIP Real Estate.<\/p>\n

CIP Real Estate plans to invest more than $20 million in capital improvements in the next three years across the portfolio. These capital improvements include updating the exterior of the properties and significantly upgrading interior suites. <\/p>\n

All the assets in the Dallas North Portfolio were purchased from a Dallas-based private investment partnership, with debt funding from JP Morgan and MidFirst Bank coordinated by the Atlanta and Dallas based Equity, Debt, & Structured Finance team of Cushman & Wakefield.Correspondingly, the seller was represented in the transaction by the Cushman & Wakefield\u2019s Capital Markets and Industrial Advisory Group. <\/p>\n

The portfolio was acquired by CIP Real Estate in its joint venture with Almanac Realty Investors, the private real estate investment arm of Neuberger Berman ( www.nb.com<\/a> ), which provided up to $300 million of growth capital to CIP in 2019. CIP Real Estate\u2019s and Almanac\u2019s current portfolio is valued in excess of $865 million.<\/p>\n

About CIP Real Estate LLC<\/u><\/strong>
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 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, and Atlanta. www.ciprealestate.com<\/u><\/a><\/p>\n

CONTACT: Media Contact:
\nChristine Byrd
\nchristine@writerbyrd.com<\/pre>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"
\n
Company plans to sell properties in Texas, California and South Carolina<\/p>\n
IRVINE, Calif., May 10, 2022 (GLOBE NEWSWIRE) — CIP Real Estate acquired over 2.5 million square feet of commercial real estate in Texas and Georgia late last year, effectively doubling the size of its commercial property portfolio in the U.S.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6232"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=6232"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6232\/revisions"}],"predecessor-version":[{"id":6254,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6232\/revisions\/6254"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}