GPB Capital Announces Sale of Land in New Jersey

Posted on April 19th, 2022 at 8:31 AM
GPB Capital Announces Sale of Land in New Jersey

From the Desk of Jim Eccleston at Eccleston Law:

GPB Capital Holdings announced that it has sold land in New Jersey that was previously owned by one of its private placement funds. 

According to an unnamed source, GPB sold a Newark, New Jersey, 30-acre parcel of land that was recently valued at $78.3 million. Net proceeds from the land sale will be paid out to investors in one private placement, GPB Cold Storage. GPB has struggled to continue paying dividends since 2018, so investors likely will support GPB’s plan to sell assets. 

GPB announced it was selling Alliance Physical Therapy Partners in December 2021 after the firm had sold a top auto dealership group for $880 million in September. The land sale will “return significant value to our investors”, according to Rob Chmiel, CEO of GPB Capital. The firm has been operating under a monitor imposed by a U.S. District Court judge in 2021.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 
 

Tags: eccleston law, gpb capital, new jersey

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