CIP Real Estate, based in Irvine, has received a second round of $300 million in capital from its institutional investment partner Almanac Realty Investors, a division of Neuberger Berman. This new infusion of equity will be used for acquiring industrial parks and truck logistics facilities across the Southeast, Texas and West Coast regions. The focus will be on strategic sub-markets within Southern California.
Since forming the partnership with Almanac in October 2019, CIP Real Estate has amassed a portfolio worth over $1.15 billion consisting of industrial assets located in major markets such as Atlanta, Charlotte,Tampa,Dallas,the Inland Empire,and East Bay. Most recently,the venture completed two acquisitions: one being a 352,300-square-foot industrial and technology park situated in Fremont,Ca;the other,a project spanning 180400 square feet located Tampa-its third acquisition within this market-for an aggregate price tag totaling $131 million.
According to Eric Smyth,CIP Real Estate’s CEO,”Our team has demonstrated great success over recent years by identifying and closing on attractive assets despite market challenges like the pandemic and rising interest rates.We are grateful for Almanac’s confidence in our firm to aggressively pursue an acquisition program that aims to double our current portfolio value within two or three years,reaching more than$2.5 billion.”This announcement was originally published by Connect CRE.
