GPB Capital Completes Key Sale of Newark Property

Net proceeds from the sale of one of the largest land parcels in Newark, NJ will benefit GPB Cold Storage, LP Investors

NEW YORK, April 11, 2022 /PRNewswire/ -- GPB Capital Holdings, LLC ("GPB Capital") has finalized the sale of a ±30-acre parcel of land that was owned by GPB Cold Storage, LP (the "Partnership").

"The investment thesis to acquire and expand this piece of underdeveloped land will return significant value to our investors," said Rob Chmiel, CEO of GPB Capital. "We are focused on working with our independent Monitor on a plan to distribute available proceeds from this transaction to the Partnership's investors."

In 2016, the Partnership acquired a 22-acre property in a prime location in the Port of Newark sub-market with unparalleled logistical access to the Port of Newark, the Port of Elizabeth, and New York City. In 2020, the Partnership acquired an adjacent 8-acre property to create one of the largest contiguous pieces of underdeveloped land in Newark.

Highline Management, Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale. Inglesino, Webster, Wyciskala & Taylor, LLC served as GPB Capital's legal advisor, and Blau & Berg served as broker in connection with the transaction.

About GPB Capital Holdings, LLC
GPB Capital was founded to provide retail investors access to alternative investment strategies. The firm has focused on investing in established, profitable companies which demonstrate strong fundamentals. Its investment strategy has historically been built on acquiring a controlling interest in income producing, middle-market companies, and providing the hands-on managerial and operational support services these companies need to scale, thus increasing cash flow and investor value.

SOURCE GPB Capital