CIP Real Estate acquires several industrial parks for $240m
CIP Real Estate has completed four off-market industrial and business park acquisitions in the East Coast’s sought-after Charlotte, N.C., and Atlanta markets for a total of $239.4 million.
The entire portfolio, which consists of 34 buildings that total more than 1.98 million square feet, is more than 91 percent leased by in excess of 100 tenants.
“Industrial real estate continues to outperform other commercial property types, so these acquisitions were a great value opportunity for our firm. They provide for critical mass in both Atlanta and Charlotte, two of our company’s primary investment markets,” said Eric Smyth, CEO of CIP Real Estate.
CIP Real Estate’s recent acquisitions include:Gwinnett Commons in Atlanta, which was acquired in August 2020 for $126.6 million. The portfolio, located in Atlanta’s I-85 Northeast corridor consists of 1.1 million s