Industrial real estate company GCP has started off 2017 making significant progress toward its long-term goals of expanding its footprint in vibrant southeastern markets and creating value for investors through the acquisition, development, redevelopment and management of functional, “last mile” industrial properties.

GCP has closed out a busy first quarter of 2017 with multiple acquisitions, continuing momentum begun in 2016. In the last six months, the Birmingham, Ala.-based company added a new board member from a foreign investment group; executed a strategic disposition in Birmingham that led to acquisitions in expansion markets; locked in more than 800,000 square feet of new leases or renewals across its Alabama portfolio; announced the relocation of its home office to a historic building in vibrant downtown Birmingham; and acquired three properties in key markets including Atlanta and Tampa.

Here’s a summary of GCP’s key milestones:

• GCP Adds Francisco Colchero to Board: In November 2016, GCP appointed Francisco Colchero to its four-member board. Colchero is founder and chief executive officer of Devon Investments SpA, an asset management company based in Santiago, Chile. The company is investing in GCP as part of Blue Ceiba Advisors’ commitment to invest between $75 and $100 million in growth capital for GCP. Colchero’s participation on the board and investment reflects GCP’s status as a destination for direct investment from foreign capital in U.S. industrial real estate.

• Vanderbilt Road Sale: In January, GCP sold this Birmingham property, harvesting $2.3 million it used in subsequent acquisitions in Atlanta and Central Florida. GCP had acquired the 83,000-square-foot industrial property in 2013.

• Grambler Sale: In March, GCP sold this 41,100-square-foot property for $1.875 million to an adjoining property owner in Birmingham. These proceeds were also reinvested in the Atlanta and Central Florida acquisitions.

• GCP Locks in over 800,000 square feet in leases: In January, GCP announced it had secured 833,927 square feet in four separate lease agreements with automotive suppliers across the Birmingham and Huntsville portfolio:

  • 225,496-square-foot lease with Mercedes-Benz U.S. at Shelby Commerce Park in Birmingham.

  • 240,240-square-foot lease with Antolin Alabama, Inc. at GCP-Gazelle II in Jefferson Metropolitan Park in Birmingham.

  • 160,160-square-foot renewal with Neovia Logistics Services, LLC at GCP-Gazelle III, also in the Jefferson Metropolitan Park.

  • 208,031-square-foot renewal with Navistar, Inc. at Airport Distribution Center in Huntsville, Ala.

• GCP Relocating to Historic Downtown Birmingham Building: In February 2017, GCP announced the relocation of its home office to the Historic Federal Reserve building in the heart of downtown Birmingham. The space is undergoing renovations and GCP anticipates a move-in date in early Fall 2017. The new offices will promote a dynamic, vibrant internal culture and provide ample room for growth as GCP continues to expand its portfolio across key Southeastern markets.

• 7900 Troon Circle Acquisition: In February 2017, GCP announced the acquisition of 7900 Troon Circle, a 160,000-square-foot Class A industrial property located in Atlanta’s industrial hotbed, the I-20 West/Fulton Industrial submarket, for a purchase price of $9.4 million. The institutional quality light manufacturing and distribution warehouse is occupied by its former owner EG Industries which uses the facility primarily for the manufacturing and distribution of automotive parts.

• 4300 Westpark Acquisition: In April 2017, GCP announced the purchase of a second property in the I-20 West/Fulton Industrial submarket. With the addition of 4300 Westpark, a 216,074-square-foot distribution center, GCP’s Atlanta portfolio surpasses 1.5 million square feet of institutional grade, bulk distribution industrial properties. GCP purchased 4300 Westpark for $6.5 million from a local investment group at a significant discount to the replacement cost, and it’s leased to Zig Zag Inc., an Atlanta-based soft goods supplier and manufacturer for companies such as Lowe’s and The Home Depot.

• 3850 Old Tampa Highway Acquisition: Also in April 2017, GCP announced the acquisition of 3850 Old Tampa Highway for $7.6 million, bringing its Florida portfolio to 790,000 square feet. Located in the supply-constrained Southwest Lakeland submarket, 3850 Old Tampa Highway spans 20 acres and houses a 119,297-square-foot warehouse that is expandable by 84,000 square feet. The facility is 100 percent leased by CHEP USA, the world’s largest pallet manufacturer and fully-own subsidiary of Brambles Limited, a Sydney-based global supply-chain logistics company.

“We’re proud of our GCP team for helping us execute our strategy created with the guidance and expertise of our talented board,” said Gardner Lee, President of GCP. “We’ve been busy so far in 2017 and anticipate more transactions in the back half of the year. Our goal is to create consistent returns for investors and our position in the South allows us to understand this active market and move quickly and nimbly on transactions.”