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Retail Development Firm Launches

BALTIMORE-Developers David Phillips and Nathaniel Tower join forces to establish a new retail investment, development and management firm. The private company's focus will be on acquiring under-performing shopping centers and strip malls east of the Mississippi.

By Erika Morphy | Updated on May 08, 2006

BALTIMORE-GT Property Group LLC views value add retail shopping centers along the Atlantic seaboard as its sweet spot both for investment and development opportunities. The new privately-held real estate investment, management and development firm is finalizing details for a development project it will announce within the next two months, according to co-founder and managing partner David G. Phillips. “We are getting our pre-release commitments, zoning permits and final structural investment criteria together now.”

GT Property has also evaluated some 140 potential acquisitions; of these it has sent out 14 letters of intents or bids. It is also considering an additional 11 prospects in-house and Phillips says the firm expects to bid on at least three or four of those.

Phillips and his partner and co-founder, Nathaniel Tower, are both veterans of the real estate development community. Phillips was an executive vice president-leasing, international and new business development with the locally based Prime Retail. Tower was chief investment officer with another local firm, Phillips Edison & Co. “Our backgrounds are complementary,” Phillips says. “Mine is in leasing, operations and marketing. Nate has focused on deal making and financial engineering.”

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