San Francisco, CA, May 25th, 2011 – Bay Grove, a principal investment firm based in San Francisco today announced that David Brandes has joined the firm as a Managing Director. Mr. Brandes will be involved in all day-to-day activities of the firm and will bring his deep real estate expertise to new transactions and the existing portfolio.

Mr. Brandes joins Bay Grove after a nine year tenure at Shorenstein Properties LLC, a large real estate private equity firm that has sponsored funds totaling $6.7 billion. As a principal at Shorenstein, Mr. Brandes was responsible for sourcing, negotiating and executing capital transactions within the Western United States. While at Shorenstein, Mr. Brandes executed over 30 transactions worth in excess of $4.9 billion on behalf of the firm’s closed-end investment funds and various non-fund accounts. Mr. Brandes started his career with Morgan Stanley in its investment banking group in San Francisco, where he focused on M&A and covering financial sponsors.

“As former colleagues, we are excited to be working side-by-side with David again,” said Kevin Marchetti, Managing Director of Bay Grove. “His support and advice have been critical since we founded Bay Grove over three years ago and we are pleased that he is joining us to actively contribute to the next phase of our growth.”

“Over the last several years, Bay Grove has built the 6th largest U.S. cold storage company through four acquisitions. David’s deep real estate expertise and investment acumen will be invaluable as we grow this platform and seek new investments in different industries,” said Adam Forste, Managing Director of Bay Grove.