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

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

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Four homes have been bought for a combined $400 million recently in L.A. (Credit: iStock, Wikipedia, and Westside Estate Agency)

The $100M club: LA’s priciest mansions are having a moment

From left: Mark McLaughlin and Nick Segal (Credit: Wikimedia Commons, Pacific Union)

Compass SoCal boss Nick Segal steps down

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Atlas Capital bought the Los Angeles Times’ massive printing plant from a Harridge Capital partnership (Credit: iStock and the Los Angeles Times)

Atlas Capital pays $240M for LA Times’ printing plant in Downtown

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

The Chartwell Estate in Bel Air, Lachlan Murdoch and Jerry Perenchio (Credit: Getty Images)

Lachlan Murdoch sets LA record with $150M deal for Bel Air mansion