CIP real estate We received our second capital allocation from our institutional investment partners, this time for $300 million. Almanac Realty Investorsbusiness unit Neuberger Berman.
This new round of equity financing targets acquisitions of industrial parks and truck logistics facilities throughout the Southeast, Texas and the West Coast, including strategic submarkets in Southern California.
A CIP spokesperson said: Commercial real estate executive The company is reportedly looking for three truck logistics property types: a trailer storage facility, a truck service bay facility, a transfer station (a logistics cross-dock building), or a combination of these.
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In addition to the $380 million allocation made by the advance investment vehicle in 2019, funds managed by Almanac have now committed to invest up to $680 million in total into the CIP platform as institutional investment partners. are doing.
Since entering into the Almanac partnership in October 2019, CIP has totaled $1.15 billion in sales in markets including Atlanta, Charlotte, North Carolina, Tampa, Florida, Dallas, and California's Inland Empire and East Bay regions. has acquired a portfolio of industrial assets that exceeds . .
This total includes approximately 500,000 square feet of new construction in Atlanta and Charlotte totaling more than $88 million. Most recently, the venture purchased a 352,300-square-foot industrial and technology park in Fremont, Calif., and his 180,400-square-foot project in Tampa for a total of $131 million.
A small step towards growth
David Hartiner, Managing Director of Almanac, said: CPE In addition to the truck logistics facilities already mentioned, the small and medium-sized bay industrial sector, i.e. projects with bay sizes ranging from 1,000 to 5,000 square feet and up to 50,000 square feet, is the focus of CIP and Almanac.
CIP Real Estate CEO Eric Smith said in a prepared statement that the company has an aggressive acquisition program that will essentially double its portfolio to more than $2.5 billion over the next two to three years. He said he is planning to.
Just over a year ago, Smith said: Commercial real estate executive CIP's capital improvement plans for recent acquisitions, rental growth in the company's core markets, and trends in tenant demand for industrial space.
