CIP Real Estate, Almanac Realty Land $820M Industrial Portfolio Refi
The deal follows other near-$1B industrial refinancings in recent months
By Nick Trombola October 21, 2025 11:37 am
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Industrial property owners are still finding avenues for nine-figure debt refinancings, despite the hype of tariff uncertainty that still ripples throughout the sector.
CIP Real Estate and Almanac Realty Investors are two such entities, landing an $820 million refi deal for a 42-property, shallow-bay industrial portfolio across six major markets, including in Southern California. Wells Fargo led the floating-rate financing, alongside J.P. Morgan and Goldman Sachs.
CIP and Almanac’s portfolio is located across California’s Inland Empire and East Bay regions, as well as in Atlanta, Dallas-Fort Worth, Charlotte and Tampa. The exact names and addresses of the properties were not disclosed, though their average size is nearly 146,000 square feet. The portfolio was 91 percent leased to 950 unique tenants as of September.
JLL Capital Markets’ Kevin MacKenzie, Peter Thompson, Christopher Pratt, Kyle White, Anthony Scaglione and Nick Englhard arranged the refinancing deal.
“This refinancing represents a significant milestone for our partnership with Almanac and demonstrates the strength of our diversified industrial portfolio,” Eric Smyth, CIP Real Estate CEO, said in a statement. “We appreciate JLL’s expertise in securing competitive terms that provide us with enhanced flexibility to continue our growth strategy in the shallow-bay industrial sector, where we see tremendous opportunity to serve the evolving needs of logistics, e-commerce and distribution tenants.”
CIP and Almanac’s refi resembles several other, nearly $1 billion debt deals for national industrial portfolios in recent months. Starwood Capital Group in September landed a $930 commercial mortgage-backed securities package toward 54 properties spanning roughly 8.2 million square feet across five states. In June, Arden Logistics Parks and Arcapita brought in a $700 million CMBS deal for a 167-property industrial portfolio, also spread across the nation.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
