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California  + Orange County  + Industrial  | 

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing
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