November 1, 2019, Irvine, CA – In the second half of 2019, CIP Real Estate acquired two multi-tenant industrial properties in Atlanta, Georgia: Perimeter Place Business Park and Brook Hollow Center.
Perimeter Place Business Park, acquired in July 2019 for $7.84 million, is a 103,419 square foot, six building, multi-tenant industrial park located in the Atlanta suburb of Doraville, Georgia. The property is adjacent to the I-285 “Perimeter” Freeway, and situated on the northern side of Buford Highway, about five minutes from Buckhead, 20 minutes north from Downtown Atlanta and 25 minutes from Hartsfield-Jackson Atlanta International Airport. Built in 1984, the project was designed to offer functionality and accessibility for industrial, flex, and office tenants. Its location in Doraville places it in one of the most sought-after industrial markets in Atlanta due to strong demographics and skilled work force, along with an ideal centralized location. The value-add business plan includes completing approximately $700,000 of capital improvements and bringing all below-market rents to market.
CIP Real Estate purchased Perimeter Place Business Park in joint venture with Baltimore-based Alex. Brown Realty, Inc. for $7.84 million from a local owner as an “off-market” deal. This acquisition marks the 26th joint venture acquisition of the two partners since 1998, consisting of over $330 million in total capitalization.
Brook Hollow Center, acquired in October 2019 for $19.0 million, is a 252,698 square foot, five building, multi-tenant industrial park located in Norcross, Georgia. The property has extensive frontage on the I-85 Freeway and is situated 25 minutes north from Downtown Atlanta and 30 minutes from Hartsfield-Jackson Atlanta International Airport. Built in 1979-85, the property was designed to offer functionality and accessibility for industrial and flex tenants. Its outstanding location in Norcross places it in one of the most sought-after industrial markets in Atlanta due to strong demographics and well-educated work force, along with immediate access to I-85.
The value-add business plan includes increasing rents to current market levels and completing approximately $1.2 million in capital improvements consisting of exterior cosmetic upgrades, roof and HVAC replacements, and vacant unit renovations.
Brook Hollow Center was purchased from Dogwood Industrial Properties, an affiliate of TPG Real Estate Partners. The seller purchased the property in May 2019 as a part of a larger $48 million portfolio and agreed to sell Brook Hollow Center to align the remaining portfolio with its broader business plan. The prior owner was the original developer of the asset.
CIP Real Estate LLC purchased Brook Hollow Center as the first acquisition in its new $700 million industrial portfolio investment program with New York-based Almanac Realty Investors, LLC. CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, rebranding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, California, the company owns and manages approximately 4.5 million square feet of quality properties, with offices in Ontario (CA), Hayward (CA), Las Vegas, Charlotte, and Atlanta. www.ciprealestate.com