November 1, 2019, Irvine, CA – CIP Real Estate (“CIP”) announced that it has entered into an agreement with a fund managed by Almanac Realty Investors, LLC (“Almanac”) 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. Based in Irvine, California, 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.
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.”
“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. “We look forward to partnering with CIP’s management team to assemble a high-quality portfolio of multi-tenant industrial and help drive CIP’s growth.”
CIP retained Jones Lang LaSalle Securities, LLC as part of a broader strategic objective which resulted in CIP’s partnership with Almanac.
About CIP Real Estate
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 the West Coast, Southeast, and Southwest markets. Founded in 1995 and based in Irvine, CA, 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
About Almanac Realty Investors, LLC
Almanac Realty Investors, LLC is a leading provider of growth capital to private and public real estate companies. From the time of its founding in 1981, originally under the name Rothschild Realty, the group has raised over $6.5 billion related to a wide array of real estate opportunities. Since 1996, Almanac’s primary investment activity has consisted of making private placements of capital into public and private real estate operating companies. Almanac managed funds have committed over $5.2 billion to 44 such companies in North America. For more information, visit www.almanacrealty.com.