 |
| Eric C. Smyth |
ATLANTA, GA, Aug. 28,
2020 – Real estate investment company, CIP Real
Estate LLC, has completed four off-market industrial and business park
acquisitions in the East Coast’s sought-after Charlotte and Atlanta markets
within the last 90 days, totaling $239.4 million.
The entire portfolio, which consists
of 34 buildings
that total 1,981,720 square feet,
is over 91% leased by more than 100 tenants.
 |
| Stewart Calhoun |
“Each of these
transactions demonstrates our overarching investment strategy, which is to
acquire quality product in thriving submarkets in order to generate strong cash
flow and returns over time,” says Eric C. Smyth, CEO of CIP Real
Estate.
“Industrial real estate continues to
outperform other commercial property types, so these acquisitions were a great
value opportunity for our firm.
"They provide for
critical mass in both Atlanta and Charlotte, two of our company’s primary
investment markets.” CIP Real Estate’s recent acquisitions include:
 |
| Gwinnett Commons |
Acquisition #1: CIP Acquires Industrial
and Flex Office Space in Atlanta, GA
 |
| Casey Masters |
Gwinnett Commons was acquired in August 2020 for
$126.6 million. The portfolio, located in Atlanta’s I-85 Northeast
corridor consists of 1,089,000 square feet of multi-tenant industrial mid-bay
and flex office space in 16 buildings, plus two land parcels totaling 678,664
square feet (15.58 acres) for future development.
The
Cushman & Wakefield team of Stewart Calhoun and Casey Masters
represented the Seller. J.R. Wright of Strategic Real Estate
Partners will remain as a leasing broker for the portfolio.
 |
| Charlotte, NC Industrial Park Portfolio |
Acquisition #2: Four Multi-Tenant
Industrial/Business Parks Acquired in Prime Charlotte MSA
 |
| J.R. Wright Jr. |
A Charlotte Industrial Park Portfolio was
purchased in June 2020 by CIP Real Estate for a total of $75.5 million.
The portfolio encompasses approximately 560,000 square feet across 14
buildings in four separate multi-tenant industrial and business parks
situated in strategic locations in the greater Charlotte MSA.
The Charlotte
CBRE team of Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, and
Grayson Hawkins represented the Seller in the sale.
 |
Acquisition #3: Two-Building Industrial Project and Land Parcel
Whitehall Tech Center, 10 miles from Downtown Charlotte, NC |
Whitehall Tech Center
was acquired by CIP Real Estate in June 2020 for $28 million. The
portfolio is a two-building industrial project of 205,000 square feet and a
7.5-acre land parcel for development of a third multi-tenant mid-bay building
or a build-to-suit opportunity consisting of 75,000 square feet.
 |
| Grayson Hawkins |
Whitehall
Tech Center is located in a prime sub-market just ten miles from downtown
Charlotte at the confluence of the 485 and 77 freeways in the large Whitehall
master-planned community.
Acquisition #4: CIP Acquires Mid-Bay
Industrial and Distribution Units in Atlanta
 |
| Pleasantdale Industrial Park |
Pleasantdale Industrial
Park was also acquired in June 2020 by CIP Real Estate for $9.3 million.
This two-building Atlanta portfolio is ideally located immediately adjacent to
the I-85 freeway just five miles south of Gwinnett Commons at the intersection
of the I-285 Beltway. The project consists of approximately 127,000
square feet of mid-bay industrial and distribution units.
Ryan Blackburn
of Foundry Commercial represented CIP Real Estate while the Seller represented
itself in the transaction.
 |
| Bryan Crutcher |
CIP Real Estate plans
to allocate significant funds to the overall portfolio for capital improvements
relating to development opportunities, major interior renovations, and tenant
improvements.
The firm currently owns and manages nearly 2.9 million
square feet of industrial and business park product in the Southeast
market.
 |
| Ryan Blackburn |
“Multi-tenant industrial remains a sought-after
product in the industrial investment sector, which will likely continue to
increase in demand as we move into Q3 and Q4 as a direct result of
stay-at-home buying and the resurgence of factory production,” Smyth
adds.
“We look forward to continuing to build on our
strategic partnership with Almanac Realty Investors and focus on acquiring more
industrial park assets in the Southeast as we grow our portfolio to over $1
billion nationally in the next three years.”
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 Southwest
markets.
 |
| Patrick Gildea |
Founded in 1995 and based in Irvine, CA, the company owns and
manages approximately 6.4 million square feet of quality properties, with offices
in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, and
Atlanta.
 |
| Anne Johnson |
About Almanac
Almanac Realty Investors, a division of Neuberger Berman, together with its
predecessors, has been making growth capital investments into private and
public companies which own and operate real estate in North America since 1996.
 |
| Matt Smith |
Almanac managed funds have committed over $5.5 billion to 44 companies.
Almanac’s portfolio companies are designed to combine proven management teams
within a specific real estate sector together with ownership of focused
portfolios of real estate assets and interests.
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