GPI Companies will target multifamily properties, retail conversions with $300M fund commitment

The commitment comes from one of the country's largest state pension funds

TRD LOS ANGELES /
Aug.August 12, 2019 05:00 PM
From left: GPI Companies co-founders Cliff Goldstein and Drew Planting, and GPI Cos. partner Lee Wagman
From left: GPI Companies co-founders Cliff Goldstein and Drew Planting, and GPI Cos. partner Lee Wagman

UPDATED, Aug. 13, 9:16 a.m.: Investment and development firm GPI Companies has received a $300 million commitment for its real estate fund, and will use the capital for multifamily, office and industrial properties, and retail conversions.

The commitment came from one of the country’s largest state pension funds, according to Los Angeles-based GPI.

The firm now has $500 million from the state retirement system, which previously allocated the fund $200 million. GPI declined to reveal which retirement system made the commitments.

Other state pension funds have also been making big splashes in L.A. real estate.

Last year, the teachers’ pension fund for California launched a $300 million fund into tech oriented properties; it sold a warehouse in April for $27.7 million through the fund. The Los Angeles County Employees Retirement Association announced earlier this year it would spend $250 million on international investment and pull as much $1 billion in local assets.

Meanwhile, GPI is still trying to overcome renewed opposition to its plan to demolish the Amoeba Records store property in Hollywood and replace it with a 200-unit residential tower.

Earlier this year, GPI and LStar Ventures sold a 10-acre property near San Bernardino to AEW Capital Management for $49.2 million. GPI is also one of the firms behind the redevelopment of the former Westside Pavilion mall with Hudson Pacific Properties.

GPI is managing more than $1 billion in assets and more than 2 million square feet of office, mixed-use and residential space, according to its website. The firm is also developing more than 1 million square feet of commercial and residential real estate.

Correction: A previous version of this story incorrectly stated the pension fund was one of the state’s largest.


Related Articles

arrow_forward_ios
Board President Cynthia M. Ruiz

LA pension fund to sink $210M into real estate

LA pension fund to sink $210M into real estate
The Silverado Fire in Irvine, CA (Getty)

OC wildfires prompt tens of thousands to evacuate

OC wildfires prompt tens of thousands to evacuate
(Getty, iStock)

Restaurant owners want refund for fees paid during Covid closures

Restaurant owners want refund for fees paid during Covid closures
Herb Wesson (top) and Curren Price with a rendering of 3800 W 6th Street (Linkedin, Twitter, Large Arch)

LA officials backtrack on aid for Koreatown hotel project

LA officials backtrack on aid for Koreatown hotel project
Eva Chow and 133 S Mapleton Drive (Getty, Realtor)

Eva Chow’s supersized Holmby Hills mansion gets another price cut

Eva Chow’s supersized Holmby Hills mansion gets another price cut
Richard Llewellyn and Ron Galperin (City of LA, Wikimedia)

LA’s ballooning budget shortfall could require property selloff

LA’s ballooning budget shortfall could require property selloff
Rob Speyer and 555 Aviation (Getty, Tishman Speyer)

Tishman Speyer refis big El Segundo creative office

Tishman Speyer refis big El Segundo creative office
Brookfield Property Partners CEO Brian Kingston and the Gas Company Tower at 555 West 5th Street

Here’s what tenants are paying at Brookfield’s Gas Company Tower

Here’s what tenants are paying at Brookfield’s Gas Company Tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...