D
espite ongoing tariff‑related uncertainty, industrial owners continue to secure large‑scale debt refinancings. CIP Real Estate and Almanac Realty Investors closed an $820 million floating‑rate refinance for a 42‑property shallow‑bay industrial portfolio spread across six key markets, including Southern California. The transaction was led by Wells Fargo, with participation from J.P. Morgan and Goldman Sachs.

    The portfolio sits in California’s Inland Empire and East Bay, as well as in Atlanta, Dallas‑Fort Worth, Charlotte and Tampa. While individual property details remain confidential, the average asset size is about 146,000 sq ft and the complex was 91 % leased to 950 tenants as of September.

    JLL Capital Markets orchestrated the deal through Kevin MacKenzie, Peter Thompson, Christopher Pratt, Kyle White, Anthony Scaglione and Nick Englhard. “This refinance marks a key milestone for our partnership with Almanac and underscores the resilience of our diversified industrial holdings,” said Eric Smyth, CEO of CIP Real Estate. “JLL’s expertise secured competitive terms that give us the flexibility to pursue growth in the shallow‑bay sector, where logistics, e‑commerce and distribution demand is expanding.” The shallow‑bay segment continues to attract investors due to its proximity to major ports and growing e‑commerce hubs.

    The transaction mirrors other recent billion‑dollar industrial refinances. In September, Starwood Capital Group secured a $930 million CMBS package for 54 properties totaling roughly 8.2 million sq ft across five states. Earlier in June, Arden Logistics Parks and Arcapita arranged a $700 million CMBS deal for 167 properties nationwide.

    For more information, contact Nick Trombola at [email protected].