Irvine, CA; December 16, 2021
CIP Real Estate acquired Mansell Commons, a 223,000 square foot industrial and flex project located in the Alpharetta/ Roswell submarket of northwest Atlanta. The property was purchased for $36.0 million from a partnership associated with MIMMS Enterprises. The seller was represented by the JLL Capital Markets Atlanta team of Dennis Mitchell and Matt Wirth. The company purchased the asset in its joint venture with Almanac Realty Investors, with debt financing provided by Renasant Bank and coordinated through Talonvest Capital.
CIP Real Estate is planning to invest more than $750,000 in capital improvements to enhance the exterior appearance of the project in addition to upgrades to dated interior suites. Due to very strong demand and limited supply of small and mid-bay industrial units in the Alpharetta area, the company projects significant rental increases in the next five years which will be supported by the substantial renovation of the park.
“It is very rare to have the opportunity to acquire a larger project of this type in Alpharetta, so Mansell Commons is an ideal addition to our expanding portfolio of industrial and flex parks in the greater Atlanta metro. Our team is looking forward to completing the needed upgrades in 2022 to propel this asset to be ‘best in class’ in the submarket,” said Robert Y. Strom, Chairman of CIP Real Estate.
About CIP Real Estate LLC
CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 9.2 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com