IRVINE, Calif., Aug. 24, 2023 (GLOBE NEWSWIRE) — CIP Real Estate has purchased Sunstate Park in Tampa, Florida, for $27.25 million. This is CIP’s third acquisition in Tampa in less than a year, increasing the company’s industrial park portfolio in the city to over 585,000 square feet.
Located in Tampa’s north airport sub-market, Sunstate Park consists of 180,367-square-feet of flex and industrial space with 32 tenants. CIP Real Estate plans on investing over $2 million to improve interior suites and enhance the exterior appearance to bring the park to “best in class” status.
“We are very pleased to have the opportunity with Sunstate Park to add to CIP Real Estate’s industrial portfolio in Tampa, a strategic market for us given its growth dynamics and the very limited supply of small and mid-bay industrial park product in the airport area,” said Scott Flemer, COO of CIP Real Estate.
In November 2022, CIP Real Estate entered the Florida market when it acquired two business parks in East Tampa for $74.5 million.
The seller was a partnership of Belay Investment Group and Birtcher Anderson Davis, which was represented by Colliers in the transaction. The Cushman & Wakefield Florida debt team of Jason Hochman, Ron Granite and Sean Campbell sourced the acquisition financing for CIP Real Estate.
About CIP Real Estate LLC
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 over 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com