Sale comes as industrial real estate company expands footprint across Southeast  

Birmingham, Ala.-based GCP has sold an 83,000-square-foot industrial property in Birmingham. The property – located at 3340 Vanderbilt Road – sold for $2.3 million.

“Vanderbilt Road was a repositioning success,” said Gardner Lee, president of GCP. “We acquired the property in October 2013, with the Associated Grocers of the South occupying it on a short-term lease. Through our management team’s tenant retention efforts and the leasing efforts of Graham & Co., we were able to secure a long-term renewal of seven years with the tenant.”

The sale of the Vanderbilt Road property comes as GCP expands its real estate holdings outside of its hometown of Birmingham. In recent years, GCP has grown its portfolio to include industrial and logistics properties across the Southeast in Atlanta, Charlotte, N.C., and Tampa and Jacksonville, Fla.

“The sale of the Vanderbilt Road property is part of GCP’s long-term strategy of diversifying its holdings outside of Alabama,” said Taylor Graham, GCP’s director of acquisition and leasing. “The proceeds from the sale will go towards the purchase of one of several assets in Atlanta that GCP is reviewing.”

GCP intends to retain core holdings in the Birmingham market, totaling more than 3 million square feet.

About GCP

The Birmingham, Ala.-based GCP platform controls strategically located midsize bulk distribution properties in fast growing markets across the Southeast. GCP owns facilities that meet the needs of e-commerce companies operating in the global supply chain and concerned with moving goods that critical last mile. GCP’s experienced leadership and efficient management are fueling a growth path that is increasing the scale, value and geographic footprint of the company’s portfolio while creating long-term, above-average returns for investors. For more information, please visit www.gcprei.com.