NAPLES, Fla.--(BUSINESS WIRE)--
Gulf Bay Group today announced that a new joint venture formed by a
wholly owned affiliate of the Gulf Bay Group and KKR has purchased one
of only two remaining developable land parcels in Pelican Bay for a cash
payment of $80 million.
Under the direction of Aubrey J. Ferrao, who founded Gulf Bay Group of
Companies in 1986, Gulf Bay has successfully completed 14 luxury
properties along a 1.5-mile stretch of Gulf-front land within the
prestigious Pelican Bay community.
The joint venture, known as KRE GB Pelican 1, purchased the land,
indirectly, from Parcel J Joint Venture. No plans for the parcel have
"While Gulf Bay's legacy is represented throughout Naples, we are
extremely proud of our role as the ‘Creator of the Pelican Bay
skyline,'" said Ferrao. "Partnering with KKR, a firm with a storied
reputation as a sophisticated and savvy investor, represents an
endorsement and acknowledgement of the unique opportunity afforded by
one of the last two ultra-luxury high rise sites between the Ritz
Carlton in Pelican Bay and Port Royal."
"Aubrey Ferrao and the Gulf Bay Group Companies have developed high rise
condominium towers along the Gulf of Mexico in Naples for 30 years and
know the luxury market in Naples like few other developers," said Roger
Morales, Co-Head of KKR Real Estate Acquisitions in the Americas. "We
are very selective of our investments and our partners and we are
pleased to partner with Mr. Ferrao on this exciting opportunity."
In addition to its history in Pelican Bay, Gulf Bay's other
award-winning developments include The Brittany on Park Shore Beach, the
Marco Beach Ocean Resort® on Marco Island, and Fiddler's
Creek community on Collier Boulevard on the way to Marco Island.
KKR is a leading global investment firm that manages investments across
multiple asset classes. The firm is making the investment primarily from
its real estate fund, Real Estate Partners Americas. As of March 31,
2015, KKR had $99.1 billion in assets under management.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150526005588/en/
Kristi Huller, 212.230.9722
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