C
IP Real Estate made a significant splash in the industrial market with a flurry of transactions at year-end 2024. The company's acquisition of four strategic industrial parks, coupled with the sale of six non-core assets, resulted in a total transaction value of $279 million.

    The acquisitions themselves were a testament to CIP Real Estate's growth strategy, with three states benefiting from the influx of new capital. In Arizona, Broadway 101 Commerce Park was purchased for $168.5 million, marking the largest industrial sale in the Phoenix area that year. The 11-building park boasts an impressive 809,231 square feet and is a premier small to mid-bay project.

    In Atlanta, Lavista Business Park was acquired for $37 million, offering a rare mid-bay opportunity due to its prime location within the city's 285 beltway. Meanwhile, in California, El Fuerte Business Park and Carlsbad Oaks Commerce Center were snapped up for $34.25 million, providing high-quality small-bay projects with top-notch amenities.

    These acquisitions not only expanded CIP Real Estate's presence in key markets but also set the stage for future growth. The company plans to invest an additional $3.33 million in capital improvements across the properties, enhancing their cosmetic appeal and modernizing interior specifications.

    As part of its ongoing focus on industrial products, CIP Real Estate has a robust development pipeline totaling over 1.1 million square feet of mid-bay and larger unit product in North and South Carolina and Jacksonville, Florida.

    In addition to these acquisitions, the company divested six non-core assets during the fourth quarter of 2024, including Summit Business Center in Riverside, California, and five office buildings from its Dallas portfolio. These moves demonstrate CIP Real Estate's commitment to streamlining its portfolio and concentrating on high-growth industrial markets.

    "We're thrilled to have added these prime multi-tenant industrial parks to our portfolio," said Eric Smyth, CEO of CIP Real Estate. "Our team has been actively developing strategic in-fill projects to expand our balance sheet, and we're eager to pursue more development opportunities in 2025."

    The company's focus on industrial products is clear, with a growing pipeline of assets and a commitment to investing in key markets. As Eric Smyth noted, CIP Real Estate aims to bring its total portfolio size to over 8.5 million square feet, valued at approximately $1.7 billion across ten key sub-markets.

    "We're looking to build on our momentum in 2025," said Scott Flemer, COO of CIP Real Estate. "The sale of these properties was a long-term goal of our business plan, and we're excited to focus on minimal-finish industrial product going forward."