CIP Real Estate Receives $300M Allocation from Almanac

Irvine-based CIP Real Estate received 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.

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. Most recently, the venture purchased a 352,300-square-foot industrial and technology park in Fremont, CA and a 180,400-square-foot project in Tampa, 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.”

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