A new player, CIP Real Estate, is entering the Florida real estate market

A new player, CIP Real Estate, is entering the Florida real estate market

CIP Real Estate, a company involved in real estate investment with a focus on acquisition, repositioning, rebranding, and management of industrial assets, has entered the Florida market.

The investor paid $74.34 million for two business parks in the highly sought-after eastern part of Tampa. Their combined area is almost 38,000 square meters of industrial space in a convenient location along Route 301.

All spaces in both industrial parks are leased out. Center Point Business Park consists of five buildings with a total area of 13,500 square meters, while Hampton Oaks Business Park situated three miles to the north is 24,000 square meters large. It has the capability to connect to the Tampa fiber-optic backbone, which makes it a perfect location for telecom and data center operators that need a high-speed and low-latency Internet connection. There are 37 dock-high, 58 ground-level, and 22 ramp loading facilities.

Over the next three years, CIP is planning to spend $6.3 million on upgrading these properties because it considers the Tampa market to be extremely promising. Land plots with properties of this type and size are becoming really rare due to a shortage of vacant spaces and local industrial zoning restrictions, notes Eric Smyth, CEO at CIP Real Estate. The company is going to expand its presence in Tampa and in Florida as a whole.

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