{"id":1004700142,"date":"2024-01-30T05:07:07","date_gmt":"2024-01-30T13:07:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004700142"},"modified":"2024-01-30T06:20:53","modified_gmt":"2024-01-30T14:20:53","slug":"cip-real-estate-gets-300m-capital-allocation-from-almanac-realty","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-gets-300m-capital-allocation-from-almanac-realty\/","title":{"rendered":"CIP Real Estate Gets $300M Capital Allocation From Almanac Realty"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a6173a1ee855&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"890\" height=\"666\" data-attachment-id=\"1004676611\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/clipper-court-commerce-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg\" data-orig-size=\"890,666\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Clipper Court Commerce Center. Image courtesy of CommercialEdge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The new owner will invest $5 million to upgrade Clipper Court Commerce Center. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg?w=890\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg?w=890\" alt=\"The new owner will invest  million to upgrade Clipper Court Commerce Center. Image courtesy of CommercialEdge\" class=\"wp-image-1004676611\" style=\"width:337px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg 890w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg?resize=300,224 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Clipper-Court-Commerce-Center-e1692265548437.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 890px) 100vw, 890px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Last summer, CIP Real Estate and Almanac Realty Investors acquired Clipper Court Commerce Center, a 352,300-square-foot industrial and technology park in Fremont, Calif.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>CIP Real Estate<\/strong> has received a second capital allocation, this one of $300 million, from its institutional investment partner, <strong>Almanac Realty Investors<\/strong>, a business unit of <strong>Neuberger Berman<\/strong>.<\/p>\n\n\n\n<p>This new round of equity capital will target acquisitions of industrial parks and truck logistics facilities throughout the Southeast, Texas and the West Coast, including strategic submarkets in Southern California.<\/p>\n\n\n\n<p>A CIP spokesperson told <em>Commercial Property Executive<\/em> that the company is looking for three truck logistics property types: trailer storage, truck service bay facilities and transfer stations (cross-dock buildings for distribution), or a combination of these.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-western-markets-for-industrial-construction\/\">Top 5 Western Markets for Industrial Construction<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Along with an allocation of $380 million made in 2019 by a prior investment vehicle, funds managed by Almanac have now committed to invest up to an aggregate $680 million of capital into the CIP platform as an institutional investment partner.<\/p>\n\n\n\n<p>Since forming the Almanac partnership in October 2019, CIP has acquired a portfolio of industrial assets totaling more than $1.15 billion in such markets as Atlanta, Charlotte, N.C., Tampa, Fla., Dallas, as well as in California&#8217;s Inland Empire and East Bay areas.<\/p>\n\n\n\n<p>That total includes about 500,000 square feet of new construction valued at more than $88 million in Atlanta and Charlotte. Most recently, the venture purchased a 352,300-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-104m-for-bay-area-campus\/\">industrial and technology park in Fremont, Calif.<\/a>, and a 180,400-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-buys-tampa-asset\/\">project in Tampa.<\/a>, for a combined $131 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-modest-steps-to-growth\">Modest steps to growth<\/h2>\n\n\n\n<p>David Haltiner, managing director at Almanac, told <em>CPE<\/em> that the small- and mid-bay industrial sector, that is, projects with bay sizes ranging from 1,000 to 5,000 square feet, up to 50,000 square feet, are a focus for CIP and Almanac, in addition to truck logistics facilities already mentioned.<\/p>\n\n\n\n<p>In a prepared statement, Eric Smyth, CEO of CIP Real Estate, noted his company plans an aggressive acquisition program to basically double its portfolio in the next two or three years, to more than $2.5 billion.<\/p>\n\n\n\n<p>Barely more than a year ago, <a href=\"https:\/\/www.commercialsearch.com\/news\/cip-real-estates-ceo-remains-keen-on-industrial-heres-why\/\">Smyth spoke with <em>Commercial Property Executive<\/em><\/a> about CIP\u2019s plans for capital improvements at some then-recent acquisitions, rent growth in the company\u2019s core markets, and trends in tenant demand for industrial space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following an earlier $380 million investment, the latest infusion will enable a surge of industrial acquisitions.<\/p>\n","protected":false},"author":882,"featured_media":1004676611,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742],"tags":[33730],"class_list":["post-1004700142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","tag-cip-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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