GID, Ivanhoé Cambridge Form Industrial Platform

The venture, GID Industrial, will capitalize on long-term demand growth—specifically in the urban infill industrial sector.
Rene Circ, Senior Managing Director & COO, GID Industrial. Image courtesy of GID

Boston-based GID and Ivanhoé Cambridge of Montreal announced the creation of GID Industrial, an investment platform targeting industrial assets in growing markets nationwide.

With a focus on urban infill assets, GID Industrial is intended to complement the big-box build-to-core strategy of IDI Logistics, Mario Morroni, executive vice president, Industrial, North America of Ivanhoé Cambridge, said in a prepared statement. IDI remains owned by a joint venture of Ivanhoé Cambridge and Oxford Properties.

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The new platform will be led by Senior Managing Director & COO Rene Circ and Senior Managing Director & Chief Investment Officer Mike Wenaas.

Rounding out the leadership team are CFO Michelle Mussafi, formerly of Colony Capital, and Portfolio Manager Gary Kroll, who has managed GID’s industrial investments for the last 20 years.

They will oversee investment professionals and asset managers in Boston, Dallas, Chicago, Oakland, and Atlanta offices.

GID Industrial’s portfolio consists of GID’s wholly owned industrial assets, plus the assets that Ivanhoé owned under its Evergreen Industrial brand, Circ told Commercial Property Executive. Ivanhoé acquired Evergreen almost four years ago in a deal reportedly valued at approximately $1 billion. That combined portfolio totals 19 million square feet in 15 markets across the U.S.

Circ described Boston-based GID Industrial as a wholly owned subsidiary of GID “with its own governance and management team, but with full access to all of GID’s resources.” 

There has been no change to GID’s industrial strategy, Circ added, as “both GID and Evergreen have been focused on the urban infill segment of the industrial market for years … Ivanhoé brings far more than capital. They are a well-regarded strategic investor in the Industrial sector and this partnership leverages their Evergreen team, their portfolio, their growth capital, and their corporate resources.”

Infill everywhere

Michael Wenaas, Senior Managing Director & CIO, GID Industrial. Image courtesy of GID

Since forming its management team, GID Industrial has already closed and committed to multiple acquisitions and developments in Tampa, Fla.; Phoenix; Dallas; Las Vegas; and Northern New Jersey.

In January, for example, the company purchased a 135,745-square-foot light industrial building in Gilbert Spectrum Business Park, in Gilbert, Ariz., in metro Phoenix, from SunCap Property Group for $23.2 million.

Circ told CPE that the transaction was structured with an additional opportunity for GID Industrial to joint venture with SunCap on developing an additional 310,000 square feet at the park.