GTIS Partners Announces Joint Venture to Develop 490k Square Foot Logistics Center in Goodyear, Arizona

NEW YORK, May 18, 2021 /PRNewswire/ -- GTIS Partners LP ("GTIS"), a real estate private equity firm headquartered in New York City, with offices in São Paulo, Los Angeles, San Francisco, Atlanta, Paris and Munich, today announced a joint venture with Baker Development Corporation, a privately owned real estate development company based in Chicago, and Foundation Capital Partners, a real estate investment management firm with offices in New York and Miami, to develop Yuma|143, a logistics center in Goodyear, Arizona with an estimated cost of $45 million. The project is located within a Phoenix Qualified Opportunity Zone ("QOZ").

Yuma|143 will be a 490,000 square foot logistics facility in the Phoenix metro area adjacent to the Goodyear cargo airport runway. The project marks the thirteenth investment by GTIS Partners in the Phoenix metro area since 2009. 

The joint venture underscores GTIS' continued focus on logistics and residential real estate investments in markets with rapid population growth like Phoenix.  In addition to today's industrial/logistics investment, the firm recently announced the groundbreaking on a single family build-to-rent community in Mesa, AZ which is also located in an Opportunity Zone.

"Two sectors with tailwinds post-Covid are clearly industrial/logistics and residential housing," said Josh Pristaw, Senior Managing Director, Head of Capital Markets and Co-head of Brazil at GTIS Partners. "Yuma|143 is a perfect example of our strategy to pursue industrial/logistics assets that focus on the e-commerce needs of fast-growing consumer populations. The Phoenix area is one of our top market targets due to its job growth and demographics. The investment was made by our Qualified Opportunity Zone Fund and represents a long-term investment in the community."

"We are thrilled to partner with such an experienced and talented firm as Baker," said Stephen Tanenbaum, Head of Industrial/Logistics at GTIS.  "This project represents the right product in the right location at the right time to serve the e-commerce needs of the fast-growing Phoenix consumer population."

"The Baker/Foundation team is excited to be partnering with GTIS on our next Phase at Airport Gateway at Goodyear," says Baker principal Daniel J. Slack.  "Building on the brand we have successfully created at VB|143 nearby, Yuma|143 will bring the same value-driven delivery approach to our prospective tenants."

GTIS has so far committed over $400 million in equity to 12 projects to Opportunity Zone investments. The projects comprise over 5,300 residential units and 1.6 million square feet of commercial office and industrial distribution space and are predominantly located in fast growing Sunbelt markets such as Phoenix, Tampa and Charlotte.

About GTIS Partners
GTIS Partners is a leading real asset investment and development firm headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Paris and Munich. The firm was founded in 2005 by Tom Shapiro and is managed by President Tom Shapiro and Senior Managing Directors Thomas Feldstein, Josh Pristaw, João Teixeira, Rob Vahradian and Amy Boyle. The firm manages over $4 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as renewable energy infrastructure and opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in over 130 assets across 40 unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real assets private equity firms with holdings including office, residential, logistics, hospitality and renewable energy investments. Marquee assets in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel.  For more information, please visit www.gtispartners.com.

About Baker Development Corporation
Baker Development Corporation is a privately owned real estate development company based in Chicago.  Since its formation in 1985, BDC and its partners have been involved in the acquisition, development and construction of virtually every class of real estate, including high-rise residential, big-box retail, office, hotel, multi-family (rental and for-sale), mixed-use, loft conversions, townhomes, retail, adaptive reuse properties, fractured condominiums and brownfield redevelopment projects.

About Foundation Capital Partners
Foundation Capital Partners, with offices in New York and Miami, is an investment management firm focused on achieving opportunistic returns by its pursuit of a strategy dedicated to real estate across the United States.  All of the firm's opportunities fall within its three themed investment approach:  Distressed, Special Situations or Disruptive.

Media Contacts
Steve Bruce / Mary Beth Grover
ASC Advisors
(203) 992-1230
[email protected] / [email protected]

SOURCE GTIS Partners

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