GICSA subsidiary Cabi Developers Expands into Southern California
Acquires $1.5 billion Portfolio of Properties from Arden Realty
LOS ANGELES & MIAMI — Cabi Developers, a subsidiary of GICSA, Mexico’s foremost development company, has made a dramatic entry into the Southern California commercial real estate market with the acquisition of a commercial property portfolio from Arden Realty, a unit of GE Capital and one of the area’s largest landlords.
The thirty-three properties were acquired for a combined price of nearly $1,500,000,000.
The L.A. operations of Cabi are managed by partner Henry Shahery, a well-known veteran real estate professional in Southern California.
Cabi’s US Operations are led by CEO Jacobo Cababie.
GICSA is a leader in the real estate development industry in Mexico with operations in 40 percent of the country in different ventures, such as: commercial plazas, corporate centers, industrial parks, residential developments, and hotels and resorts.
In the United States, GICSA, through its subsidiary Cabi Developers, now has a presence in four states: California, Texas, Nevada and Florida. This acquisition represents the first step of the company’s strategic vision to acquire viable assets in California and other western states.
“It’s not often that you can acquire multiple high quality properties at below the replacement cost in southern California, one of the most dynamic and dependable markets in America,” states Mr. Shahery.
For more information about GICSA and Cabi Developers please log on to www.gicsa.com.mx and www.cabicorp.com.
About Cabi Developers
In South Florida, Cabi Developers has completed The Parc at Turnberry Isle, a 111-unit residential development and Country Club Center in Aventura, a Class-A office building.
Current projects include:
– Capital at Brickell – A more than $500 million development in the Brickell Avenue area which is Miami’s financial district. The project, with expected completion in 2010, will consist of residences, offices, and retail.
– Everglades on the Bay – A mixed-use development with over 800 condominium units and 58,000 square feet of ground-floor retail that will be completed in summer 2008.
About Arden Realty
Based in West Los Angeles, Arden Realty, Inc. is a fully integrated real estate company and one of the largest landlords in Southern California. In May of 2006, the firm was acquired by GE Real Estate and will continue to operate under the Arden name and logo. With GE Real Estate behind it, Arden Realty is positioned better than ever to grow to the next level and offer the high quality of service and management that have been its hallmark for over a decade.
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