GTIS Partners Acquires Site from Lehman Brothers Holdings Joint Venture with Global Investment and Development Secures 153 Acres of Prime Land Business Wire NEW YORK -- May 27, 2014 GTIS Partners LP (“GTIS”), a real estate private equity firm headquartered in New York City, with offices in Los Angeles, San Francisco and São Paulo, today announced the closing of a residential land deal in the Southwest submarket in Bakersfield, CA, in which it acquired 153 acres from Lehman Brothers Holdings in a joint venture with Global Investment and Development, LLC. “We believe in the fundamentals of Bakersfield’s local economy which continues to add jobs throughout the MSA, most notably in agriculture and energy related fields, and strongly believe that this site is well positioned to benefit from these attractive employment demand drivers,” said Theodore Karatz, Vice President of GTIS Partners. “The Bakersfield housing market has strengthened considerably over the past 24 months and we see a path for upward growth in new home permits over the foreseeable future,” noted Aaron Rivani, Managing Member of Global Investment & Development, LLC. The 153-acre site, acquired by the GTIS Partners / Global Investment and Development joint venture, is fully approved for the development of 564 single family residential lots along with a 5.6 acre central park amenity. The lot and housing mix will be attractive to both first time purchasers and move-up buyers given its lot sizes which range from 6,050 to 8,500sf and expected average base home prices in the high $200,000’s. Bakersfield, the ninth-largest city in California, is located close to the southern end of the San Joaquin Valley roughly halfway between Fresno and Los Angeles. Kern County, in which Bakersfield is situated, is the most productive oil-producing county and the fourth-most productive agricultural county in the US. Other key industries like natural gas, energy extraction, aerospace, mining, petroleum refining and manufacturing, have contributed to a tripling of the city’s population between 1980 and 2010, creating pressure on local housing. The land is located within the Southwest submarket in Bakersfield, approximately five miles from the area’s largest employers, making it an easy and cost-effective commute to local employers. GTIS was represented in the transaction by Paul Rutter and Elisa Paster at Gilchrist & Rutter and the seller was represented by Andrew Kirsh and Michael Floryan at Sklar Kirsh. About GTIS Partners GTISPartners is a global real estate investment firm headquartered in New York with offices in Los Angeles,San Francisco and São Paulo, Brazil. GTIS Partners has 65 employees and currently has approximately $2.8 billion of assets under management. To date, the firm has committed capital to residential, retail, industrial, office, hotel and mixed-use projects in the U.S. and Brazil. In the U.S., GTIS has invested in over 70 projects across 20 states, including 55 projects in the residential sector. In Brazil, GTIS has invested in 38 projects comprised of approximately 15,000 residential units developed or planned, and six million square-feet of office, industrial and hotel projects. For further information, please visit www.gtispartners.com. About Global Investment & Development, LLC Global Investment & Development, LLC (Global) is a privately held and managed real estate investment and development company based in Los Angeles, CA with over 25 years of experience and knowledge in the purchase of raw land. Global is looking to invest its own equity, along with that of its financial partners, in carefully selected projects throughout the Southwest. Global’s experience lies in different strategic phases of land management such as entitlement as well as development of single or multi-family residential use in urban and non-urban areas which are all eventually sold to builders. Our history is to acquire finished/semi-finished lots, standing inventory, final/tentative tract maps and raw land at deep discounts from peak market values. Contact: Water & Wall Group Scott Sunshine, 212-625-2364 firstname.lastname@example.org
GTIS Partners Acquires Site from Lehman Brothers Holdings
Press spacebar to pause and continue. Press esc to stop.