IRVINE, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- CIP Real Estate has acquired two business parks in East Tampa, totaling 405,772-square-feet of small- and mid-bay industrial space. The $74.34 million off-market deal marks the Company’s first purchase in Florida.
Both industrial flex parks are fully occupied and conveniently located adjacent to U.S. Route 301. Center Point Business Park comprises five buildings and 146,229 square feet. Three miles north, Hampton Oaks Business Park consists of six buildings totaling 259,543 square feet. Notably, the Hampton property has access to Tampa’s primary fiber loop “backbone,” making it an ideal space for telecom and data center operators who require high-speed, low-latency internet connections.
The industrial properties feature 37 dock high, 58 grade level and 22 ramp loading entrances. CIP expects to invest $6.3 million in upgrades to the facilities over the next three years.
“Tampa is a very desirable market, and land parcels for this product type and size of park are becoming increasingly rare, due in part to lack of available land and local industrial zoning restrictions,” said Eric Smyth, CEO. “CIP Real Estate is pleased to be entering the Florida industrial market with these ‘best in class’ industrial assets, and we look forward to continuing to grow our presence in Tampa.”
The seller, Albany Road Real Estate Partners, offered the portfolio off market through Rick Brugge of Cushman & Wakefield. Financing is being provided by BankUnited and arranged by Cushman & Wakefield’s debt team of Jason Hochman and Ron Granite.
About CIP Real Estate LLC
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 approximately 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
Media Contact:
Christine Byrd
christine@writerbyrd.com
