Aggressive acquisitions allowed CIP to aggregate a portfolio of industrial assets totaling over $1.15 billion
IRVINE, Calif., Jan. 29, 2024 (GLOBE NEWSWIRE) — CIP Real Estate is pleased to announce a second $300 million capital allocation from its institutional investment partner, Almanac Realty Investors, a business unit of Neuberger Berman. This new round of equity capital will be targeted for acquisitions of industrial parks and truck logistics facilities throughout the Southeast, Texas and the West Coast, including strategic Southern California sub-markets.
Including an investment of $380 million made in 2019 by a prior fund, funds managed by Almanac have committed to invest up to $680 million of capital in the aggregate into the CIP platform as an institutional investment partner.
Since the formation of the Almanac partnership in October 2019, CIP Real Estate has aggregated a portfolio of industrial assets totaling over $1.15 billion in major markets including Atlanta, Charlotte, Tampa, Dallas, the Inland Empire, and the East Bay. That includes approximately 500,000 square feet of new construction in Atlanta and Charlotte, North Carolina, exceeding $88 million in value. Most recently, the venture purchased a 352,300-square-foot industrial and technology park in Fremont, California, and a 180,400-square-foot project in Tampa, Florida – its third acquisition in this market – for a combined $131 million.
“Our team has been very successful over the past several years in identifying and closing on attractive assets despite the market challenges including the pandemic and the rapid rise in interest rates,” said Eric Smyth, CEO of CIP Real Estate. “We greatly appreciate Almanac’s confidence in our firm to pursue an aggressive acquisition program to basically double our portfolio in the next two or three years, to more than $2.5 billion.”
“Over the last four years we have experienced firsthand the quality of the CIP team management team” said David Haltiner, Managing Director at Almanac. “CIP has proven its ability to acquire desirable assets at great bases and execute complex business plans within the small and mid-bay industrial sector. We look forward to expanding our partnership with this new capital commitment.”
About CIP Real Estate
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 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
About Almanac Realty Investors
Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to private and public real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $7.9 billion in capital to 53 real estate companies, both private and public, throughout North America. For more information, visit www.almanacrealty.com.