IRVINE, Calif., July 13, 2023 (GLOBE NEWSWIRE) -- CIP Real Estate completed the first of two industrial buildings in its 1.3 million-square-foot Gwinnett Commons portfolio in June. The 88,500-square-foot building is located at 1760 Corporate Drive in Norcross, Georgia, and was pre-leased to a division of Hyundai. Specifically designed for distribution, the building features 28-foot clear height and dock and grade loading with oversize doors.
Additionally, a second industrial distribution building in the portfolio is under construction by CIP Real Estate. Consisting of approximately 89,500-square-feet at 1700 Corporate Drive at the corner of Shackleford Road, the facility is scheduled for occupancy in October. This building was pre-leased to Walgreens for a fully automated distribution warehouse and features above-standard office finishes, 32-foot warehouse clearance, 4,000 amps of power and a secured yard.
The two buildings are situated on surplus land parcels and were originally planned on a spec basis but were leased to both tenants at commencement of construction.
“These two in-fill industrial buildings were the only options in the market for this size of tenant requirement. CIP Real Estate provided design flexibility that allowed for the early lease-up to two credit tenants,” said JR Wright of Strategic Real Estate Partners, the leasing agent for the project.
The two buildings are being developed for approximately $25 million and were financed by Pinnacle Bank. Ordner Construction is the general contractor, and both buildings were designed by Randall Paulson Architects.
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 over 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.
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