San Francisco-based real estate management firm TPG Inc. announced last week it completed its acquisition of Angelo Gordon, a New York-based alternative investment firm that has stakes in several large Connecticut commercial properties.
Moving forward, Angelo Gordon will operate as TPG Angelo Gordon, a $74 billion diversified credit and real estate investing firm within TPG. According to TPG, the company manages $213 billion in assets.
TPG, announcing the planned acquisition in May, valued the transaction at approximately $2.7 billion in cash and equity.
Angelo Gordon has more than 650 employees, with a headquarters in New York and additional offices in America, Europe, and Asia.
The TPG purchase of Angelo Gordon involved more than 500 properties, according to a CoStar summary. According to CoStar, as well as assessing and land records, the transaction involved several Connecticut properties, including:
– 245 Alvord Park Road, Torrington – A 5.4-acre property hosting a 22,261-square-foot medical office building completed in 2002 and a 15,470-sq.-ft. medical office building completed in 1997. A joint venture of Angelo Gordon and Boston-based investment firm Sendero Capital paid $8.15 million for the building in a transaction recorded in October.
– 730 Parker St., Manchester – A roughly 25,000-square-foot, 1996-vintage warehouse on 2.94 acres. An Angelo Gordon affiliated LLC paid $4.2 million for the property in a deed recorded Oct. 28, 2019.
– 601 Marshall Phelps Road, Windsor – A roughly 124,000-square-foot light industrial building built in 1981 on 40.5 acres. An Angelo Gordon-affiliated LLC paid $9.95 million for the property in a sale recorded Dec. 12, 2018.
– 230 Woodlawn Lane, Berlin – A roughly 28,000-square-foot masonry-sided warehouse completed on 2.47 acres in 1977. The property was sold to an Angelo Gordon-affiliated LLC for $3.15 million in a deed recorded Oct. 28, 2019.
– 272 Woodlawn Road, Berlin – A roughly 48,000-square-foot warehouse completed on 6.8 acres in 1994. The property was sold to an Angelo Gordon-affiliated LLC for $5.9 million in a deed recorded Oct. 28, 2019.
While not listed in the CoStar summary of properties involved in the TPG transaction, the Sendero-Angelo Gordon partnership in June bought a 53,100-square-foot medical office building at 1952 Whitney Ave., in Hamden for $8.9 million.
