Almanac Realty Investors Provides Another $300 Million Capital Investment to CIP Real Estate

Fresh commitment allows CIP to significantly expand its existing $1.0+ billion dollar portfolio

January 25, 2024, New York, NY — Almanac Realty Investors (“Almanac”), a business unit of Neuberger Berman, is pleased to announce an additional $300 million capital allocation to CIP Real Estate. This new round of equity capital will be targeted for acquisitions of industrial parks and truck logistics facilities throughout the Southeast, Texas and the West Coast, including strategic Southern California sub-markets. Including an investment of $380 million made in 2019 by a prior fund, funds managed by Almanac have committed to invest up to $680 million of capital in the aggregate into the CIP platform as an institutional investment partner.

Since the formation of the Almanac partnership in October 2019, CIP Real Estate has aggregated a portfolio of industrial assets totaling over $1.15 billion in major markets including Atlanta, Charlotte, Tampa, Dallas, the Inland Empire and the East Bay. That includes approximately 500,000 square feet of new construction in Atlanta and Charlotte. Most recently, CIP purchased a 352,300-square-foot industrial and technology park in Fremont, California, and a 180,400-square-foot project in Tampa, Florida – its third acquisition in this market – for a combined $131 million.

“Our team has been very successful over the past several years in identifying and closing on attractive assets despite the market challenges including the pandemic and the rapid rise in interest rates,” said Eric Smyth, CEO of CIP Real Estate. “We greatly appreciate Almanac’s confidence in our firm to pursue an aggressive acquisition program to basically double our portfolio in the next two or three years to more than $2.5 billion.”

“Over the last four years, we have experienced firsthand the quality of the CIP management team” said David Haltiner, Managing Director at Almanac. “CIP has proven its ability to acquire desirable assets at great bases and execute complex business plans within the small and mid-bay industrial sector. We look forward to expanding our partnership with this new capital commitment."