The Gries Investment Funds partnered with an experienced developer of office and retail space to purchase this iconic building in Tampa, Florida. The income-producing asset was purchased in an off-market transaction in 2018 and the developer has significantly enhanced its value through space reconfiguration, tenant changes, market rent adjustments and increased tenant amenities.
Ardenwoods – Independent & Assisted Living | Asheville, North Carolina
The Gries Investment Funds provided equity for the purchase of Ardenwoods, an independent and assisted living facility in Asheville North Carolina. Ardenwoods is a multi-level mountainside campus with its highest elevation at 2,275 feet above sea level. The current facility only utilizes approximately 15 acres of the 48 acre property resulting in the possibility of expanding Ardenwoods, or selling a portion of this prime real estate.
In 2008, we provided financing to Public Power, a deregulated electricity supplier in Connecticut. In 2009, we acquired the company for $13 million. At that time, the company had 30,000 customers. We expanded into other states like Pennsylvania, New Jersey, New York, Maryland and Washington, D.C. In 2011, we acquired a competitor, Rescom. In 2012, we merged with Viridian, renamed the company Crius and went public on the Toronto Stock Exchange. We expanded into Texas and made additional acquisitions, reaching approximately 1.4 million customers. In 2019, we sold the company to Vistra Energy for $486 million.
Cortona is a 13 acre site situated in the heart of South Tampa. The site sat as vacant land for the past 20 years. With Tampa developer John Lum, we acquired the site in 2016 and recognized the potential for a multi-family site consisting of both apartments and townhomes. The project was completed in 2019 with 160 apartments and 140 townhomes and state of the art amenities.
In 2017, an entity controlled by The Gries Investment Funds began as a lender to Q1 as part of a factoring participation. Q1 is actively engaged in designing, manufacturing and distributing products for the two primary consumer cellular operators in the US. As a financing partner to the company, we recognized that Q1 had significant growth potential and would benefit from less expensive financing and an equity capital infusion. In 2018 we acquired a 49% interest in the company.
Bridge Park – Mixed Use Office, Residential, Retail Development | Dublin, Ohio:
The Gries Investment Funds partnered with a long time development partner, Crawford Hoying, to provide junior debt financing for the construction of certain components of Bridge Park. This mixed-use development consists of apartments, condos, restaurants, retail, office space and the AC Hotel Dublin. Bridge Park is viewed as one of the most transformative and impactful developments of its type in Central Ohio.
Ivy Ridge – Student Housing Development | Cornell University Ithaca, New York:
The Gries Investment Funds partnered with an experienced developer and provided a portion of the equity requirement to build a 42 unit, 108 bed student housing townhome development near Cornell University. The project was incredibly well received by the community and achieved 100% occupancy prior to the beginning of the 2019-2020 academic year, only 12 months from the date construction began. Similar projects with this development partner are currently being pursued at other universities around the Southeast and Midwest US.