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."
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 West Coast, Southeast and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages over 10.0 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com
About Almanac Realty Investors
Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to private and public real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $7.9 billion in capital to 53 real estate companies, both private and public, throughout North America. For more information, visit www.almanacrealty.com.
About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with 2,800 employees in 26 countries. The firm manages $463 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. UNPRI named the firm a Leader, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices (https://www.nb.com/en/global/esg/philosophy). Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of December 31, 2023.
Alex Samuelson, 212 476 5392, Alexander.Samuelson@nb.com