IRVINE, Calif., Jan. 22, 2025 (GLOBE NEWSWIRE) -- CIP REAL ESTATE acquired four industrial parks in December 2024, in addition to selling six office buildings and a flex project, leading to $279 million in total transactions at year-end.
The acquisitions totaled approximately $240 million across three states:
Broadway 101 Commerce Park in Mesa, Ariz., was purchased for $168.5 million marking the Phoenix area’s largest industrial sale of 2024. The 11-building park consists of 809,231 square feet and is one of the premier small and mid-bay industrial projects in the Phoenix market.
Lavista Business Park in Atlanta, was purchased for $37 million. The four-building, 217,596-square-foot industrial asset is a rare mid-bay project due to its strategic location inside the 285 beltway in the city.
El Fuerte Business Park and Carlsbad Oaks Commerce Center, both in Carlsbad, Calif., were acquired for $34.25 million. The two small-bay industrial parks include a combined 126,964 square feet in seven buildings, representing best-in-class projects in North San Diego County due to their combination of quality amenities and low office/high warehouse finish.
All four industrial projects were strategic acquisitions for CIP Real Estate, including the company’s entry into the greater Phoenix market, along with important expansions of its California and Georgia portfolios. In total, the company will expend an additional $3.33 million in capital improvements across the properties in 2025 and 2026, enhancing cosmetic appearances, pursuing re-branding opportunities, and modernizing interior specifications.
“It’s a competitive market to acquire these types of multi-tenant industrial parks in prime markets, so we are very excited to add these projects to our portfolio,” said Eric Smyth, CEO of CIP Real Estate. “We are currently developing — and under contract to acquire — newly-constructed industrial product in Jacksonville and in the Carolinas, bringing the company’s total portfolio size to over 8.5 million square feet with a value of approximately $1.7 billion across ten key sub-markets.”
In addition to these acquisitions, CIP Real Estate’s development pipeline of recently completed and in-process assets totals more than 1.1 million square feet of industrial mid-bay and larger unit product located in North and South Carolina and Jacksonville, Florida.
“Our team has been very active in developing strategic in-fill industrial projects to add new assets to our balance sheet that would be difficult to acquire otherwise,” said Eric Smyth, CEO of CIP Real Estate. “We are looking to pursue more of these types of development opportunities in each of our key markets in 2025.”
As part of its continued focus and investment in industrial product, CIP Real Estate disposed of six non-core assets during the fourth quarter of 2024:
Summit Business Center, a flex/office project consisting of 138,697 square feet located in the Hunter Park sub-market of Riverside, Calif., for approximately $19 million.
Five office buildings from the company’s large Dallas property portfolio totaling 293,336 square feet for about $20 million in aggregation.
“The sale of these properties, which were originally part of larger portfolio acquisitions, was a long-term goal of the company’s business plan to focus on minimal-finish industrial product,” said Scott Flemer, COO of CIP Real Estate.
About CIP Real Estate
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 Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages nearly 10 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com
Media Contact
Christine Byrd
Christine@writerbyrd.com
