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CIP Real Estate Announces $273 Million in Real Estate Transactions in 12 Months


Founded in 1995, CIP Real Estate owns and manages more than 4 million square feet of quality real estate projects throughout California, Nevada and North Carolina.


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Date 2/7/2018 12:35:15 PM (function (d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/all.js#xfbml=1"; fjs.parentNode.insertBefore(js, fjs); } (document, 'script', 'facebook-jssdk')); Tweet on Twitter (MENAFN Editorial) NEWPORT BEACH, Calif., Feb07, 2018 (GLOBE NEWSWIRE) -- , a full-service commercial real estate investment and management firm, today announced it completed in excess of $273 million in commercial real estate transactions from January 2017 to dateThe robust activity includes six dispositions totaling $246 million across California, Nevada and North Carolina, in addition to the $27.1 million acquisition of a Northern California business parkThe company also announced aggressive plans to invest $150 million in strategic acquisitions for its commercial portfolio in 2018 'After being a highly active net seller in 2017, CIP Real Estate is gearing up to invest $150 million in commercial assets this year,' said Eric CSmyth, principal of CIP Real Estate'We are currently pursuing quality business and industrial parks, along with targeted office assets, and will employ our value-add acquisition strategy to maximize ROI and upside for our investors.' Kicking off its acquisition activity, CIP Real Estate recently completed the $27.1 million purchase of Eden Landing Business Park in Hayward, CaliforniaOriginally built by Don Koll, the multi-tenant flex industrial park comprises 195,000 square feet next to the San Mateo Bridge in the East BayThe firm will complete a $2 million renovation to re-branding and repositioning the propertyCIP Real Estate purchased the asset in a joint venture with – the two companies' 22nd joint-venture since 1998 and its first real estate transaction completed together in Northern CaliforniaThe joint-venture represented itself and CBRE's Darla Longo, Barbara Emmons, Rebecca Perlmutter, Bob Ferraro and team represented the seller in the transaction CIP Real Estate's recent dispositions include four projects within Southern California: The $76.5 million sale of Empire Towers I-IV, four class A office buildings comprising about 400,000 square feet at the Ontario International Airport in Ontario, CalifKevin Shannon and Ken White and team of Newmark Knight Frank represented CIP Real Estate in the sale The $26.7 million sale of Centerpointe, in Irvine, Calif., four class B office buildings consisting of approximately 105,000 square feet within the Irvine Business ComplexBob Griffith of Newmark Knight Frank and Brian Garbutt of Lee & Associates represented CIP Real Estate in the sale The $17.3 million off-market disposition of Mercury Tech Center to a private client of CIP Real Estate; the project consists of an 80,000-square-foot, six-building flex industrial park located in the Kearny Mesa sub-market of San Diego, Calif The $12 million recapitalization of Summit Business Center, a 138,000-square-foot, five-building office flex park located in Riverside, Calif CIP Real Estate also completed three disposition transactions outside of California in the past year: The $92 million sale of 13 mid-bay industrial, flex, and office buildings comprising approximately 671,000 square feet within the premier Las Vegas business address of Hughes Airport CenterCBRE's Darla Longo, Todd Tydlaska, Barbara Emmons Perrier, Kevin Higgins, and Garrett Toft and team represented the seller, a joint venture of Oaktree Capital and CIP Real Estate The $5.5 million sale of a 32,000-square-foot office building also within Hughes Airport CenterThe building is 100% leased to Scientific Gaming (formerly Bally's Gaming)The Higgins/Toft team at CBRE represented CIP and Colliers' Taber Thill and team represented the buyer, an affiliate of Scientific Gaming, in the transaction In the firm's final disposition, a private off-market deal, CIP Real Estate sold the $15.9 million Charlotte Commerce Center, a 167,000-square-foot multi-tenant flex industrial park in Charlotte, North Carolina, owned in joint venture with AlexBrown Realty 'We will continue to complete dispositions this year as the investment cycle of some of our key assets are completed,' added Smyth'In all, we hope to dispose of an additional $100 million in commercial assets, whose value we have maximizedThis capital will help fuel the acquisitions we make this year and in the future.' About CIP Real Estate is a full service real estate investment and management company focused on the acquisition, development, repositioning and management of office, business and industrial parksFounded in 1995, CIP Real Estate owns and manages more than 4 million square feet of quality real estate projects throughout California, Nevada and North Carolina Rebecca Hall IDEA HALL 714-263-8724 MENAFN0702201800703653ID1096441817 Tags Comments No comment Category Business/Finance Oil & Energy Real Estate/Construction Date 2/7/2018 AdvimgBanner=0; (adsbygoogle = window.adsbygoogle || []).push({});   Most popular stories   Day | Week | Month window.onload = function () { GetPopularStorys("#pop1", "0", "L"); }; function loadDoc(page_link) { var xhttp = new XMLHttpRequest(); xhttp.onreadystatechange = function () { if (this.readyState == 4 && this.status == 200) { document.getElementById("div_mostPop").innerHTML = this.responseText; } }; xhttp.open("GET", page_link, true); xhttp.send(); } function GetPopularStorys(MyID, d, t) { var page_link = ""; if (MyID == "#pop1") { page_link = "/includes/popularStoriesByDate.aspx?pop=0&d=" + d + "&t=" + t; } else if (MyID == "#pop7") { page_link = "/includes/popularStoriesByDate.aspx?pop=7&d=" + d + "&t=" + t; } else if (MyID == "#pop30") { page_link = "/includes/popularStoriesByDate.aspx?pop=30&d=" + d + "&t=" + t; } else { page_link = "/includes/popularStoriesByDate.aspx?pop=0&d=0&t=L"; } loadDoc(page_link); } AdvimgBanner=0; (adsbygoogle = window.adsbygoogle || []).push({}); AdvimgBanner=0; (adsbygoogle = window.adsbygoogle || []).push({}); More Stories Angel Investor Mahesh Murthy arrested in stalking and harassment case... 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