IRVINE, Calif., Nov. 16, 2022 (GLOBE NEWSWIRE) -- CIP Real Estate has acquired Kennesaw Mountain Business Park, an industrial property in the north Atlanta metro area, for $22.6 million. The 10-acre parcel features two buildings totaling 144,130 square feet.
The business park comprises 18 shallow bay industrial units ranging in size from 3,920 to 18,000 square feet, and the majority of the suites are between 6,000 and 12,000 square feet. The project is currently over 96% occupied.
Due to strong demand and limited supply of small and mid-bay industrial units in the upscale Marietta area, a suburb of Atlanta, CIP expects significant rental increases in the next five years, which will be supported by upgrades to the facility, including improvements to the parking lot and landscaping, along with painting and HVAC upgrades.
“We’re seeing unprecedented industrial demand in the Atlanta metro area, driving low inventory and supporting higher rental rates,” said Eric Smyth, CEO of CIP. “Kennesaw Mountain Business Park is a strategic addition to our Atlanta metro portfolio, in a highly desirable location with premier accessibility and demographics.”
The Kennesaw project is the newest acquisition in CIP’s growing Atlanta metro portfolio. Just 17 miles away, in Alpharetta, is Mansell Commons, a 223,000-square-foot industrial and flex project. CIP invested nearly $750,000 in capital improvements on Mansell Commons this year. To the east, additional CIP assets include Gwinnett Commons, Brook Hollow Center, Pleasantdale Industrial Park and Perimeter Place Business Park.
CIP’s purchase of Kennesaw Mountain Business Park was funded with $14.69 million in takeback financing from the seller.
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 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com
