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GDC Looks to Acquire $500M in Shopping Centers

HAWTHORNE, NY-Locally based GDC Properties plans to divest itself of more than $300 million in apartment assets and allocate approximately $500 million toward acquiring shopping centers in the New York metro area, Atlanta and Central and Southern Florida.

By Barbara Jarvie | Updated on May 12, 2005

HAWTHORNE, NY-GDC Properties Inc. plans to increase its ownership of shopping centers from six properties to 20 over the next 18 months acquiring approximately $500 million worth of property in the New York Metro area, Atlanta and Central and Southern Florida. To do so, GDC intends to divest itself of more than $300 million in apartment assets in Central and Southern Florida. The company will maintain approximately half of its residential assets.

William Ingraham, vice president, tells GlobeSt.com that while the company remains fully committed to its roots, the time is right for change. The company believes the properties it is looking to market are “worth more as condos than as income.” He notes that there are no plans for GDC to develop its own shopping centers at this time and says the acquisitions will be focused in markets the company is already familiar with.

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