Growth Capital Partners has launched a new development company and named two partners.
The Birmingham-based private real estate investment firm, which is coming off a major deal in late 2020, said the new company will operate under the GCP umbrella and will focus on development of bulk distribution facilities across the Sun Belt. The sector is seeing a surge in demand due to the rise of e-commerce.
Paul Vardaman recently joined the company as managing partner of GCP Development Co.
Vardaman will oversee all aspects of development and construction. He is a former executive vice president and partner at Jim Cooper Construction Co. Inc., where he worked on projects in 24 U.S. states. During his 18-year career at this firm, Vardaman managed or oversaw 400-plus construction projects totaling over 18 million square feet with construction costs totaling more than $1.3 billion.
Stacey Wadsworth has also been named managing partner of GCP Management Services, which is the firm’s property management division.
She will oversee all aspects of the company’s property management platform, as well as the HR and IT functions of the company. Under Wadsworth’s leadership, GCP continues to manage its recently sold portfolio, along with a separate portfolio of office and industrial properties owned by third parties, comprising more than 14 million square feet in total.
Both Wadsworth and Vardaman were named partners in Growth Capital Partners’ operating platform.
The firm was founded in 2013 with 24 properties totaling 4.4 million square feet. Last year, it sold its Fund I portfolio totaling 47 buildings for more than $800 million, and the firm is currently raising capital to fuel future growth.