May 30, 2019 | Baltimore, MD — Alex. Brown Realty (ABR) and CIP Real Estate (CIP) are pleased to announce the acquisition of Interstate Commerce Park, a 218,537 sf light industrial/flex portfolio located in Greensboro, North Carolina. ABR’s Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $2.79 million in the joint venture. Financing for the acquisition was provided by Silvergate Bank.
Interstate Commerce Park is comprised of four light industrial buildings and one flex industrial building spread over 10-acres. The portfolio is located at the intersection of highways I-40 and I-85, providing easy access to primary markets within North Carolina. Given its convenient location, variety of building sizes, tenant space options and clear heights, Interstate Commerce Park attracts high demand and a diverse tenant mix. At acquisition the portfolio was 99% occupied by nine tenants with suite sizes ranging from 3,000 to 60,000 sf.
“Greensboro boasts a robust and diverse economy,” said Eric Smyth, CEO and co-founder of CIP. “We expect that select value-add improvements will further enhance Interstate Commerce Park’s appeal and we anticipate continued strong demand for the project.” The partnership has already begun a $600,000 capital improvements program, which includes roof replacements, parking lot repairs and new landscaping and exterior improvements.
“Interstate Commerce is a well-located asset acquired at a discount to replacement cost,” stated Tom Burton, ABR’s Senior Managing Director and CIO. “The Greensboro market boasts strong fundamentals, which should contribute to the success of this investment,” added Burton
“We are pleased to be partnering with CIP again,” said John Prugh, Chairman of ABR. “They are an experienced sponsor with an excellent track record. ABR and CIP assets have produced excellent results for our investors over the years.” ABR has acquired 19 properties with CIP since 1998 in California and North Carolina, totaling $313 million in total capitalization.
Alex. Brown Realty (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
CIP Real Estate (CIP) is a full service real estate investment and management company focused on the acquisition, development and repositioning of office and industrial parks. Founded in 1995, CIP owns and manages more than 5M sf. of multi-tenant industrial, office and business parks throughout California, Nevada and North Carolina. CIP is headquartered in Irvine, California with additional full-service offices in Ontario, California, Las Vegas, Nevada, and Charlotte, North Carolina. The principals and founders of CIP are Eric Smyth and Bob Strom.