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GMS Realty Gets $750 Million

Carlsbad-based GMS Realty, owner and operator of Seaport Village in San Diego, announced June 20 that it has received a $750 million investment from the Washington State Investment Board.

The 15-member board voted unanimously to fund the investment, which has been earmarked for the expansion of GMS’ shopping center portfolio in the United States, and to launch GMS International to scout out acquisition and development opportunities around the globe.

In addition to building on its $650 million portfolio of 19 shopping center projects in San Diego, Seattle, Portland, Ore., San Francisco and elsewhere in California, the firm will start a new growth initiative in China and Mexico within the coming months.

“Retailers are rapidly expanding globally and driving a growing demand for shopping center expertise,” said William W. Gerrity, GMS chairman and chief executive officer. “We believe there is great value in exporting our development and operating technology into these new markets.”

GMS was founded in October 1996 through a partnership between Gerrity and Morgan Stanley Real Estate Fund II. In February 2000, GMS Realty formed a new venture with Principal Enterprise Capital and the Washington State Investment Board.

In addition to owning and operating Seaport Village, a 92,274-square-foot seaside shopping center and tourist destination here, GMS is in the process of redeveloping into a mixed-use complex the old police headquarters, a 90,000-square-foot historic building adjacent to the waterfront and neighboring Seaport Village.

, Pat Broderick

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