IRVINE, Calif., April 21, 2025 (GLOBE NEWSWIRE) — This month, CIP Real Estate purchased the 422,136-square-foot Imeson Commerce Center in Jacksonville, Fla., for $53,750,000, or $127 per square foot.
The project consists of a single Class A industrial building strategically located in the master-planned Imeson Park, immediately adjacent to Jacksonville’s port section. Constructed in 2023 to state-of-the-art specifications, the building is 100 percent leased to RoadOne, the largest independent intermodal logistics provider in North America.
“We are very pleased with the opportunity to acquire this rare asset as our first project in Jacksonville,” said Eric Smyth, CEO of CIP Real Estate. “The Imeson building will be added to another pending industrial park acquisition in Jacksonville scheduled to close in October, 2025, that will bring our portfolio to over 850,000 square feet in the market. Additionally, our team is starting construction by July on a 330,000-square-foot, industrial project in Tampa, which will increase our total Florida portfolio to more than 1.8 million square feet.”
The Imeson Commerce Center acquisition was arranged by JLL and financed with Principal Life Insurance Company.
CIP Real Estate has also commenced construction on three new industrial buildings totaling about 350,000 square feet in the Charlotte, North Carolina market. When completed later in 2025, that will increase the company’s portfolio in the Carolinas to over 1.4 million square feet.
By the end of 2025, CIP Real Estate expects its Southeast industrial portfolio to exceed 3.7 million square feet and its national portfolio to total over 11 million square feet. This growth reflects continuing momentum. In December 2024, the company completed $250 million in acquisitions, including its first project in Phoenix, an industrial park in Atlanta and an industrial portfolio of two assets in Carlsbad, Calif.
About CIP Real Estate
CIP Real Estate 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 over 10.0 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com
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Christine Byrd
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