Golden Black Capital

Preserving And Creating Generational Wealth Through Real Assets

Golden Black Capital is a vertically integrated real estate investment and management company focused on long-term ownership and disciplined execution across essential retail assets.
Necessity-Based Retail High-Growth Markets Income-Focused Fund
Information presented is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities.
Who We Are

A Real Estate Operating Platform Focused On Essential Retail

Golden Black Capital serves as the centralized operating and management platform for affiliated real estate investment vehicles. We oversee the full lifecycle of assets, from acquisition and development through leasing, asset management, and long-term stabilization.

Acquisitions

Development

Leasing

Asset Management

Stabilization

Capital Markets

Our Focus / Strategy

Golden Black Capital focuses on essential, necessity-based retail real estate supported by daily consumer demand and long-term fundamentals. Our strategy prioritizes operational execution and asset quality rather than reliance on speculative outcomes.

Our core focus areas include grocery-anchored and service-oriented retail, value-add shopping centers, selective retail development and outparcel opportunities, and assets located in high-growth U.S. markets.

Our core focus areas include:
  • Grocery-anchored and service-oriented retail
  • Value-add shopping centers
  • Selective retail development and outparcel opportunities
  • High-growth U.S. markets

Our Focus / Strategy

Golden Black Capital focuses on essential, necessity-based retail real estate supported by daily consumer demand and long-term fundamentals. Our strategy prioritizes operational execution and asset quality rather than reliance on speculative outcomes.

Our core focus areas include grocery-anchored and service-oriented retail, value-add shopping centers, selective retail development and outparcel opportunities, and assets located in high-growth U.S. markets.

  • Grocery-anchored and service-oriented retail
  • Value-add shopping centers
  • Selective retail development and outparcel opportunities
  • High-growth U.S. markets

Assets Under Management & Development

The assets shown represent a selection of retail properties managed, developed, or previously operated by Golden Black Capital and affiliated entities, demonstrating execution capabilities across essential retail formats.
Crossroads at Clovis

Crossroads at Clovis

80 W. Bullard, Clovis, CA

Purchased: Jan 2023

$10.4MM

Olive Park

Olive Park

5814 W. Olive Ave, Glendale, AZ

Purchased: Feb 2022

$4.45MM

Miller Marketplace Shops

Miller Marketplace Shops

6213 S. Miller Rd, Buckeye, AZ

Purchased: May 2022

$5.5MM

Copperleaf Village

Copperleaf Village

701–725 NW 7 Hwy, Blue Springs, MO

Purchased: Jan 2023

$6.9MM

Miller Marketplace (New Construction)

Miller Marketplace (New Construction)

25055 W. Southern Ave, Buckeye, AZ

Purchased: Raw land in 2021

$530K

Causeway Shopping Center

Causeway Shopping Center

203–299 E. Eau Gallie Blvd, Melbourne, FL

Purchased: Aug 2024

$16.5MM

Assets shown for illustrative purposes only. Not all assets are owned by the same entity or currently held under management.

Our Approach

How Execution Is Repeatable
Golden Black Capital follows a disciplined, hands-on operating process:
STEP ONE
ACQUIRE
Acquire assets with strong fundamentals and embedded operational upside.
01
STEP TWO
REPOSITION
Reposition properties through leasing strategy, tenant mix optimization, and operational improvements.
02
STEP THREE
DEVELOP
Develop selective ground-up and redevelopment projects in proven retail corridors.
03
STEP FOUR
STABILIZE
Stabilize assets to support long-term ownership and durable cash flow.
04

Why Golden Black Capital

Alignment And Differentiation

Operator-led execution from acquisition through stabilization.

Vertically integrated platform across acquisitions, development, leasing, and asset management.

Conservative underwriting and disciplined project selection.

Alignment through long-term ownership and co-investment.

Focus on asset quality, operational stability, and capital stewardship.

Our Role As Manager

Golden Black Capital serves as the centralized operating and management company for affiliated real estate investment vehicles. Each investment vehicle maintains separate legal structures, offering materials, and investor communications.
Team Member

Artem Grigoryan

Co-Founder & Managing Partner

Artem Grigoryan is Co-Founder and Managing Partner of Golden Black Capital. He oversees development, construction, and asset-level execution across the firm’s retail investments. Artem focuses on operational performance, tenant improvements, and strategic repositioning to enhance property stability and cash flow durability.

Team Member

Vadim Agamirzoyan

Founder & Managing Partner

Vadim Agamirzoyan is the Founder and Managing Partner of Golden Black Capital. He leads the firm’s investment strategy, acquisitions, and portfolio oversight, with a focus on essential retail assets in high-growth markets. Vadim directs underwriting and execution across the platform, emphasizing disciplined operations and long-term value creation.

Team Member

Bradley Cohen

Fund Manager | Co-Founder, GB Capital Fund II

Bradley Cohen brings deep capital markets and commercial lending expertise to GB Capital Fund II. He has closed over $100 million in annual transaction volume and more than $200 million in total commercial production. A recipient of the 2025 Greg Miskovsky Award for integrity and performance, Brad supports disciplined capital deployment and efficient execution across the Fund’s investments.

Value Creation

83K RSF grocery-anchored retail; 100% leased

Purchased Jan 2023 for $10.4MM; As-Is Value (Jul 2024): $12.53MM

Phase 1 drive-thru pad (~6K RSF): Starbucks leased 38%; dentist 62% (completed Sep 2025)

Phase 2 drive-thru pad (~6K RSF): site plan in progress; LOIs under review (est. start Q3 2026)

NOI $769K at purchase → $1.3M current → projected $1.7M after full lease-up

Projected value upon completion: $26M

Key Stats

83K RSF

100% leased

$10.4MM → $12.53MM

NOI: $0.77M → $1.3M

Value Creation

20K RSF shadow-anchored retail (16 tenants)

Purchased Feb 2022 for $4.45MM; 95% occupied; NOI $262K

Sold Mar 2024 for $5.5MM

Key Stats

20K RSF

95% Occupied

$4.45MM → $5.5MM

Hold: ~25 months

Value Creation

21K RSF retail (10 tenants); 100% leased

Purchased May 2022 for $5.5MM; NOI $332K → $580K current

2 acres improved pads for 10K RSF childcare development; LOIs in progress

Current value: $10M; post-development: $16M with NOI $1.1M

Key Stats

21K RSF

100% leased

$5.5MM Purchase

NOI: $0.33M → $0.58M

Value Creation

32K RSF retail (16 tenants); 99% leased vs 82% at purchase

Purchased Jan 2023 for $6.9M; NOI $423K → $550K current

Pad developed (4,683 RSF): Dutch Bros, Qdoba, Red Wing Shoes

Additional pad sold to Arvest Bank (Oct 2024) for $950K

Projected NOI upon completion: $805K (Sep 2025); total value ~ $12M

Key Stats

32K RSF

99% leased

$6.9M Purchase

NOI: $0.42M → $0.55M

Value Creation

Raw land purchased 2021 for $530K

Approved to build two drive-thru buildings (12,800 RSF total)

LOIs and leases signed: U.S. Navy/Army, Bosa Donuts, Burros & Fries

Projected value post-construction: $11M with NOI $750K

Target completion: Q4 2026

Key Stats

12.8K RSF

2 Buildings

$0.53M Land

Projected NOI: $0.75M

Value Creation

108K RSF retail (20 tenants); ~80% leased at acquisition

Purchased Aug 2024 for $16.5M

Repositioning tenant mix and pursuing national grocery anchor (Trader Joe’s) + TJ Max

Potential upside value: $25M with NOI $1.6M

Key Stats

108K RSF

~80% leased

$16.5M Purchase

Upside: $25M / $1.6M NOI