CIP Real Estate has entered into an agreement with a fund managed by Almanac Realty Investors to provide up to $300 million of growth capital to CIP to accelerate its proven investment strategy of acquiring value-add, multi-tenant industrial properties in select markets in the United States.
According to Eric Smyth, CEO of CIP, “We are excited to establish this relationship with Almanac and partner with such an accomplished investor. With Almanac’s capital commitment and partnership, CIP will be a much stronger buyer in the market. We intend to continue CIP’s proven approach on a larger scale.”
Based in Irvine, Calif., CIP is a vertically integrated real estate company led by Eric Smyth, Robert Strom and Michael McGlone. CIP has been a leader in the multi-tenant industrial property market for over 25 years. CIP pursues a vertically integrated investment strategy involving acquisitions, asset management, leasing, repositioning and, in some cases, development. CIP intends to partner with Almanac to build a diversified, institutional-quality portfolio of multi-tenant industrial in the West Coast, Southeast and Southwest markets.
“CIP has a successful and demonstrated investment track record in the multi-tenant industrial sector, particularly in small and mid-bay product. The management of this property type requires a specialized skill set which has been developed by CIP over decades. Combining a team with such a skill set and a business plan focused on a property sector benefiting from positive long-term fundamentals created an attractive investment opportunity,” said David Haltiner, managing director at Almanac.
