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CIP Real Estate acquires Interstate Commerce Park in Greensboro, NC, for $7,350,000

Irvine, CA – May 30, 2019 – CIP Real Estate, a full-service commercial real estate investment and management firm, announced today that it acquired Interstate Commerce Park, a 220,000 square foot light industrial and distribution project located adjacent to the I-85 and I-40 interstate highways in Greensboro, North Carolina. The purchase price was $7,350,000 or $33 per square foot.

Interstate Commerce Park is CIP Real Estate’s seventh acquisition in North Carolina where it has a regional office. The project was acquired in a joint venture with Alex. Brown Realty, Inc., and it marks the 25th partnership between the two companies dating back to 1998.

CIP Real Estate will oversee a capital improvement program of more than half a million dollars over the next three to five years to modernize the project, including installation of new roofs, HVAC equipment, and upgraded interior specifications.

Interstate Commerce Park is currently 100% occupied mostly with regional tenants, including TireHub (a joint venture between Goodyear and Bridgestone), Snider Tire, Cregger Co., Northern Composites, Triangle Warehouse & Distribution Services, and The Building Center (Pegram-West).

The Seller was represented by David Divine, Rick Polley, and Joe Cinosky of Colliers International’s Raleigh-Durham office.  The venture of CIP Real Estate and Alex. Brown Realty, Inc. represented itself in the transaction.

About CIP Real Estate

CIP Real Estate is a full-service real estate investment and management company focused on the acquisition, development, repositioning and management of value-added, multi-tenant industrial and distribution park in strategic locations throughout West Coast, Texas, and Southeast markets. Founded in 1995, CIP Real Estate has completed more than $1.1 Billion in real estate transactions and manages more than four million square feet of quality real estate throughout California, Nevada, and North Carolina. For more information please visit www.ciprealestate.com

About Alex. Brown Realty, Inc.

Alex. Brown Realty, Inc. is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with clients and joint venture partners in mid-sized properties located throughout the United States. The firm is a SEC-registered investment advisor. www.abrealty.com