KBS Buys QBE Corporate Campus for $78.7M

KBS Strategic Opportunity REIT announced this week that it had purchased the QBE/Corporate Campus, formerly Unigard Park, for $78.7 million from QBE North America, a part of QBE Insurance Group Limited. Jones Lang LaSalle's Capital Markets group, including managing directors Ann Chamberlin, Lori Hill, Stuart Williams and Michel Seifer, represented QBE in the transaction. The 9-building complex sits on 46 acres and was 38% vacant at the time of sale; QBE Insurance Group will continue to occupy one building in the complex.

According to a GlobeSt.com report, KBS plans to rebrand the property, previously called Unigard Park, as Bellevue Technology Center, located 11 miles west of downtown Seattle and a half-mile south of Microsoft headquarters. "The acquisition of QBE Corporate Campus demonstrates our intimate knowledge of the local market and ability to identify high-quality assets with untapped potential," said Brian Ragsdale, EVP of KBS Capital Advisors, in a prepared statement. "We've been attracted to both Seattle and QBE Corporate Campus for some time, and consider the property to be a good fit."

For more news and information visit Blumberg Capital Partners.

City Center Bellevue Sold for $229M

American Assets Trust, a self-administered real estate investment trust (REIT), announced this week that it had entered into an agreement to acquire City Center Bellevue in Bellevue, Washington for approximately $229 million. The seller, Beacon Capital, listed the property earlier this month with Eastdil. Full terms of the transaction were not disclosed, but the transaction is being structured to accommodate a possible tax deferred exchange pursuant to the provisions of Section 1031 of the Internal Revenue Code of 1986 and applicable state revenue and taxation code sections.

"The greater Seattle area, Bellevue in particular, has been a target investment region for the Company and its predecessor for many years. We are extremely pleased with the pending acquisition of City Center Bellevue and our eventual entry into this highly constrained market. We expect that our efforts will enable us to continue to expand our presence in the area," said John W. Chamberlain, American Assets Trust's Chief Executive Officer and President.

City Center Bellevue consists of approximately 497,000 square feet over 27 floors, located in the heart of Bellevue's Central Business District at 500 108th Avenue NE, and is currently managed by Wright Runstad & Company. American Assets expects that the property will be roughly 92% leased at the time of closing with major tenants including HDR Engineering, Intelius, Sucker Punch Productions, Global Scholar, Cisco Systems and Morgan Stanley.

For more news and information visit Blumberg Capital Partners.

Kilroy Pays $186M for Skyline Tower in Seattle

Kilroy Realty Corporation announced this week that it had acquired the 417,000 square-foot, 24-story, Class A office tower known as Skyline Tower located in Bellevue, Washington for $186 million. Kilroy purchased the property from Beacon Capital Partners of Boston in the second-largest in King County so far this year, according to a Seattle Times article. Beacon Capital Partners reportedly paid $129.8 million, or $318 a square foot, for the property in early 2006. In an earlier release announcing the pending sale, Los Angeles-based Kilroy said it was taking on an in-place loan of $84 million as part of the deal.

Skyline Tower is a LEED Silver certified property featuring spectacular views of the Cascade and Olympic Mountains and Mount Rainier, and sits in close proximity to Bellevue's affluent residential and retail neighborhoods. The property, designed by TRA Architects, is currently 92% leased to a diverse tenant base that includes technology companies Expedia and Valve Corporation.

For more news and information visit Blumberg Capital Partners.

Howard Hughes Corp. Invests $70M in New Orleans Riverwalk

The Howard Hughes Corporation announced this week that it would be investing approximately $70 million in the redevelopment of Riverwalk Marketplace in New Orleans to create a new upscale outlet center in the heart of the city called The Outlet Collection at Riverwalk. Howard Hughes Corp. originally acquired the center in 2011 and these new plans will create the nation's first outlet location in an urban setting. The mall has seen its share of change in recent years, with fewer national retailers and more small shops. Store occupancy at the mall dipped as low as 30% after Hurricane Katrina, but rebounded in recent years to as high as 90% according to a WWLTV news item. Artist renderings show upgrades in the facility's design, and plans call for an expansion of about 50,000 square feet.

"Our redevelopment and repositioning of this storied riverfront property will bring well-known, popular retail and entertainment establishments, many which will be new to New Orleans," said Grant Herlitz, President of The Howard Hughes Corporation. "Beyond the impact of these compelling options for locals and tourists, we are pleased to be part of the continued revitalization of New Orleans given the many benefits this development will represent to the city."

The Outlet Collection at Riverwalk will showcase top national retailers with established outlet stores as well as some local retail, dining and entertainment options. Many of the retail establishments will be the first location in Louisiana, New Orleans and the Gulf region for their respective brands. Construction should begin by mid to late fall and should be complete in time for the holiday season next year.

Rod Miller, President and CEO of the New Orleans Business Alliance said, "This investment by the Howard Hughes Corporation further underscores the opportunity and viability of the New Orleans market. The New Orleans Business Alliance is passionate about improving the city’s retail landscape and believes this project has potential to be catalytic in anchoring the Canal shopping district. We will continue to work with Howard Hughes and the City to see this project and others like it to completion."

"This planned redevelopment proposes a new tenant mix that will restore Riverwalk as a favorite place to shop for tourists and locals alike and is another step in making New Orleans a regional shopping destination," said New Orleans Mayor Mitch Landrieu in a Times-Picayune article.

For more news and information visit Blumberg Capital Partners.

Retailers Opening Smaller Urban Stores

In a New York Times article titled Retailers' Idea: Think Smaller in Urban Push, the Times examines the trend of larger retailers, like Wal-Mart and Target, opening small city stores to open their growth. "The suburbs are basically saturated with retailers," said Patrick L. Phillips, chief executive of the Urban Land Institute, an urban-planning research nonprofit, "but it's easy to develop stores in the suburbs, and hard to develop stores in cities." An excerpt from the article:

Most large American cities are growing faster than their suburbs for the first time in almost a century, according to a Brookings Institution analysis of census results released last month, largely because young adults are choosing urban apartment life. That population shift, along with Internet competition, have made the car-focused, big-box model less relevant.

Target opened its first City Targets, in Chicago, Los Angeles and Seattle, on Wednesday. At 80,000 to 100,000 square feet, City Target, at its smallest just over half the size of a remodeled Target, is aimed at urban shoppers. For instance, City Targets would not carry a six-piece patio set, but a three-piece balcony set instead.

"We see this as an opportunity for the people who live, work and play downtown, who probably have a suburban Target they call their home base," said Molly Snyder, a company spokeswoman. "You'll see less 12-packs of paper towels and more four-packs, knowing most people will arrive by foot or public transportation and will have to carry it home."

For more news and information visit Blumberg Capital Partners.

Kite Realty Secures $23M Financing for Four Corner Square

Kite Realty Group Trust, a full-service, vertically integrated real estate investment trust, announced this week that it has closed on a $23 million construction loan for its Four Corner Square redevelopment property in Maple Valley, Washington. Plans for the redevelopment include expanding from 44,000 square feet to 109,000 square feet. The construction loan was financed by U.S. Bank, bears an interest rate of LIBOR plus 225 basis points, and has a three year term with an option to extend for an additional two years.

"We are excited to commence construction on the expansion of Four Corner Square," said John A. Kite, Kite Realty Group Trust's Chairman and Chief Executive Officer. "This project reflects our ability to utilize our value-added platform to enhance the quality of the center." The property is currently 84% leased with major tenants including Johnson’s Home & Garden and Walgreens.

For more news and information visit Blumberg Capital Partners.

Denver's 1660 Wynkoop Sold for $26.6M

1660 Wynkoop, located in the Lower Downtown Historic District (LoDo), traded hands this month as Boston-based AEW Capital Management bought the building from Legacy Partners for $26.6 million, or $405 per square foot. Cushman & Wakefield of Colorado Inc. represented Legacy Partners in the transaction; the terms of the sale were not disclosed.

1660 Wynkoop, built in 1983, is an 11-story, 65,715 square-foot office building featuring a brick-clad exterior and spectacular Rocky Mountain views. The property was 90% leased at the time of purchase according to a Denver Business Journal article. "This sale was driven by tenant demand," Mike Winn, vice chairman of Cushman & Wakefield of Colorado Inc. said. "That's where tenants want to be, so investors are buying where they think there will be demand and ultimately rent growth to reward their investment."

For more news and information visit Blumberg Capital Partners.

John Hancock Observatory Sold to Montparnasse 56

Montparnasse 56 Group, a Paris-based tourism and attractions operator, announced that they had purchased the 94th floor of the John Hancock Observatory. A partnership between Deutsche Bank AG and NorthStar Realty Finance sold the observation deck for between $35 and $45 million, according to a Chicago Sun-Time article. Terms of the deal were not disclosed.

The observation deck is located at 875 North Michigan Avenue, situated on Chicago's Magnificent Mile, and offers an 80-mile, 360-degree, four-state view of Illinois, Indiana, Michigan and Wisconsin. According to a WBEZ report, Montparnasse 56 Group Vice President Eric Deutsch is helping to lead the U.S. team and hopes to enhance the Hancock experience to compete with the popular Willis Tower Skydeck, hoping to attract an additional 100,000 visitors. "We have a lot of experience to improve revenues, retail, restaurants and cafes," said Patrick Abisseror, the company's Chief Executive Officer.

For more news and information visit Blumberg Capital Partners.

Long Island City's One Court Square Trades for $481M

SL Green Realty Corp. announced this week that One Court Square in Long Island City, NY was sold for approximately $481 million. SL Green took control of the property in a joint venture with JPMorgan when it acquired the real estate investment trust Reckson in 2006. The transaction included the assumption by the purchaser, an unnamed private investor group, of $315 million of existing debt.

The tower was marketed by brokers Douglas Harmon and Adam Spies of Eastdil Secured. The price works out to a hair more than $350 a foot for the 1.4-million-square foot building that is triple-net leased back to Citibank through 2020, but will need a new mortgage in 2015, according to a New York Post article. CoStar Group reports that the 52-story, 1.49 million-square-foot, Class A marquee office building was designed by Skidmore Owings & Merrill and built in 1985 on 1.9 acres, towering above the Northwest Queens County submarket of Long Island.

For more news and information visit Blumberg Capital Partners.

Treetop Buys Uptown NYC Mixed-Use Property for $8.8M

Treetop Development announced this week that it had purchased 165 W. 127th Street in New York City for $8.8 million. According to a Crain's New York article, Treetop (which declined to name the seller) said that the previous owner had run into some financial problems during the recession, spurring the sale.

The six-story mixed use property includes 52 rental units with 12,000 square feet of retail and commercial space. Treetop indicated that it plans to invest $2.5-$3 million to renovate and upgrade the property, including roof, hallway and lobby improvements, with the vacant apartments to get new flooring, kitchens and bathrooms.

"We perceive Harlem and northern Manhattan has an up and coming area," said Adam Mermelstein, a general partner at Treetop. "Transportation is fantastic and it offers a good value for young professionals and young families."

For more news and information visit Blumberg Capital Partners.

ACC Acquires 15 Properties for $627M

American Campus Communities (ACC), a student housing community developer, announced this week that it had completed its due diligence in the acquisition of 15 student housing properties for $627 million. Expected to close in the third quarter, ACC will buy the properties from affiliates of Campus Acquisitions LLC. The acquisition consideration consists of the assumption of approximately $231.6 million of outstanding mortgage debt, the issuance of between $15 million and $50 million in the form of units of common limited partnership interest in ACC's operating partnership, and between $345.4 million and $380.4 million in cash, with the final allocation between the unit and cash consideration to be determined by Campus Acquisitions prior to closing. ACC intends to fund the cash portion of the purchase price with available cash, borrowings under its revolving credit facility, a bridge loan facility and/or the sale of debt or equity securities, according to a GlobeSt.com article.

Bill Bayless, CEO of American Campus, commented, "We are very pleased to be adding 15 properties to the ACC portfolio that meet our investment criteria of differentiated communities close to campus in submarkets with barriers to entry. This acquisition should provide us a significant opportunity for meaningful accretion in asset value, operational upside, efficiencies with 11 of the assets located in our existing markets, plus new business prospects with the entry into four new tier one collegiate markets. We believe the highly fragmented student housing industry is ripe for consolidation and we are well positioned to execute on strategic opportunities."

For more news and information visit Blumberg Capital Partners.

$$230M Loan Secured for 100 Church Street

Cushman & Wakefield Equity, Debt and Structured Finance announced this week that it had arranged a $230 million senior mortgage loan for 100 Church Street in New York, New York on behalf of SL Green Realty Corp. The ten year fixed rate financing, provided by Wells Fargo and bearing interest at a rate of 4.675%, will be used for general corporate purposes according to a Commercial Property Executive article.

"The leasing market remains pretty strong (in Manhattan), and I think the pace is consistent with historical averages," David Schonbraun, co-chief investment officer at SL Green, told Commercial Property Executive.

SL Green also announced that the City of New York renewed its lease covering 372,520 square feet for offices of the law division at 100 Church Street, the 21-story, 1.05 million square foot building located in downtown Manhattan. "We are delighted to have the City of New York as our anchor tenant. The City's decision to extend its commitment is testament to the quality of our recently completed redevelopment of 100 Church Street," said Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green. Mr. Durels continued, "This early renewal is consistent with our firm's proactive management of future lease expirations which has led to consistently high portfolio occupancy."

For more news and information visit Blumberg Capital Partners.

Lingerfelt Acquires TN Office Portfolio for $41M

The Lingerfelt Companies announced this week that it had acquired a Nashville Airport North Portfolio of five Class A office buildings from Highwoods Properties. Lingerfelt purchased the portfolio, totaling 484,047 square feet, for $41 million according to a Nashville Business Journal article.

Ryan Lingerfelt, Principal at Lingerfelt, said in a statement regarding the purchase, "This portfolio is comprised of Class A office buildings that have been institutionally owned and maintained, and have an impressive tenant roster and favorable occupancy of 86 percent. The properties are within close proximity to Nashville's central business district and are convenient to the Nashville Airport and Brentwood/Cool Springs/Franklin submarkets. The building product mix, range of sizes and rental price points will provide the company the ability to increase income through existing contract rental increases, additional lease-up activity, and a manageable tenant rollover in an improving office market."

The properties in the portfolio include Lakeview Ridge II (2630 Elm Hill Pike), Lakeview Ridge III (2636 Elm Hill Pike), Century City Plaza I (51 Century Blvd.) and BNA Corporate Center 100/200 (402, 404 BNA Drive), according to Davidson County Property records. These properties are, on average, 96.1% leased according to a Highwoods press release.

For more news and information visit Blumberg Capital Partners.

HFF Arranged $41.15M in Financing for Middlesex Logistic Center

Holliday Fenoglio Fowler, LP (HFF) announced this week that it had arranged $41.15 million in construction financing for Middlesex Logistic Center in Edison, New Jersey. The project, developed by JG Petrucci Co., is a 570,000 square foot distribution center due to be delivered in 2003, according to a report from The Commercial Observer.

HFF worked exclusively on behalf of the sponsor, JG Petrucci Co., Inc., to structure joint venture equity from institutional investors advised by J.P. Morgan Asset Management. In addition, on behalf of the partnership, HFF secured the construction loan through M&T Bank. The HFF team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Nachamkin.

Middlesex Logistic Center is being designed and built to LEED-certification standards featuring 36-foot ceiling heights, 108 loading doors, 140-foot truck courts and parking for 149 trailers.

For more news and information visit Blumberg Capital Partners.

Commercial Property Vacancies Decline in Q2

A new report from CBRE shows that the U.S. commercial real estate market showed improvement across all sectors as vacancy rates in the second quarter of 2012. With office building vacancies at its lowest level since 2009 during Q2, the 15.7% vacancy rate "is still well above its pre-recessionary low of 12.4% and the recent headwinds facing the office markets have not gone away,” said Jon Southard, Managing Director, CBRE.

The office and industrial market summaries from the report follow:

Office Market
The national office vacancy rate fell by 30 bps to 15.7% in Q2 2012 marking the first quarter since 2009 in which the vacancy rate has been below 16%.

The national suburban vacancy rate fell by 40 bps while the national downtown vacancy rate fell by 20 bps. Occupancy improved in almost two-thirds of markets nationwide. Vacancy rates fell by 100 bps or more in seven markets: Albuquerque, Boston, Charlotte, Norfolk, Richmond, San Diego and Seattle. Technology and energy driven markets continued to be among the top performers as vacancy rates in San Francisco, Houston, Seattle and San Jose fell by 50 bps or more in the second quarter and remain well below their year-ago vacancy rates.

Industrial Market
Q2 2012, with an availability rate of 13.2%, is now the eighth consecutive quarter in which industrial availability has declined. During the quarter, 34 markets reported falling availability rates, 18 reported increases, and eight reported no change. Among large markets, Indianapolis (-130 bps) Memphis (-120 bps), Detroit (-100) and Seattle (-60bps) all saw significant drops. Chicago and Riverside were both down by 50 bps while, Los Angeles, the nation’s second largest market after Chicago, reported a decrease of 20 bps. With most markets reporting improvement in availability rates, it appears that slowing but continuing economic growth, is still leading to increased demand for industrial space.

For more news and information visit Blumberg Capital Partners.

DiamondRock Acquires Blackstone Portfolio for $495M

DiamondRock Hospitality Company announced this week that it had entered into a purchase agreement to acquire a 4-hotel portfolio from affiliates of Blackstone Real Estate Partners VI for $495 million. The portfolio includes the Hilton Boston, the Westin Washington D.C., the Westin San Diego and the Hilton Burlington, representing a sale price of approximately $339,000 per key. Blackstone is taking a $75 million stake in DiamondRock as part of the deal, which will help DiamondRock pay for the hotels, according to a CBS News report. Goldman, Sachs & Co. acted as financial advisor to DiamondRock in the transaction. According to a Bloomberg report, the hotels are from the Columbia Sussex portfolio that Blackstone seized in December 2010 after buying junior debt tied to the assets.

Mark Brugger, Chief Executive Officer of DiamondRock, said, "We are excited to acquire these four high quality hotels from affiliates of Blackstone in an off-market deal and equally pleased that Blackstone is taking a $75 million ownership stake in DiamondRock as part of this transaction. We believe that these four hotels with higher RevPAR and EBITDA margins than those of our existing assets will enhance the overall quality of our portfolio."

Jonathan D. Gray, Global Head of Real Estate at Blackstone stated: "We are pleased to announce this transaction with DiamondRock, a company with solid assets and a strong management team led by Mark Brugger. We believe in the continued lodging recovery and are excited about receiving an ownership stake in the company."

For more news and information visit Blumberg Capital Partners.

Wells Core REIT Acquires Four Parkway in Deerfield

Wells Core Office Income REIT (Wells Core REIT), a nontraded, public investment program sponsored by Wells Real Estate Funds, announced this week that it had acquired Four Parkway North in Deerfield, IL. John Buck Co.'s JBC Fund III sold the property for $40.9 million or $238 per square foot, according to a GlobeSt.com article. Wells was represented internally by Peter Mitchell, senior vice president, capital markets.

"Four Parkway North is a strong addition to the Wells Core REIT portfolio," said Joe Oglesby, chief investment officer of Wells Real Estate Funds, advisor to the REIT. "It serves as a headquarters location to three of our tenants — CF Industries, Lundbeck, and Randstad."

Built in 1999, the 172,000-square-foot Class A office building is situated just off of I-94 and the Tri-State Tollway, offering easy access to I-294, Chicago's Loop, and O'Hare International Airport. The building was fully leased to four tenants — CF Industries Holdings, Inc.; Lundbeck, Inc.; Randstad Pharma; and Amgen USA — at the time of sale.

For more news and information visit Blumberg Capital Partners.

A&G Realty Partners Launched This Month

Andrew Graiser and Emilio Amendola, former founding partners of DJM Realty, announced that they had launched a new commercial real estate consulting, advisory and investment group called A&G Realty Partners. A&G will invest in real estate assets -- including retail, restaurant, warehouse, office and industrial -- and plans to purchase or co-invest in mortgages, with a focus on adding value to the overall portfolio.

Emilio Amendola, co-president of A&G, said "While the new firm will continue along the path Andy and I have pursued over the past 20 years, our ability to invest will have a distinct role in value creation, giving our clients alternatives and financial structures not otherwise available."

"Emilio can't wait to start practicing again," says Andrew Graiser of his partner. "He's by far the most sought-after real estate professional in the industry and I'm sure retailers, investors and landlords are looking forward for him to get back into the field."

For more news and information visit Blumberg Capital Partners.

Vornado Sells Mart Assets for $228M

Vornado Realty Trust announced this week that it had agreed to sell its Mart segment assets, including the Washington Design Center, the Boston Design Center, the L.A. Mart and the Canadian Trade Shows, for approximately $228 million. According to a CoStar report, the sale of the L.A. Mart has already closed at $55 million to PHR LA Mart LLC with 9-month seller financing. The 12-story structure includes 793,158 square feet and is a one-of-a-kind design center, office and showroom building in the downtown area.

As previously reported in January, Vornado sold the Mart segment's 350 West Mart Center for $228 million, resulting in a $55 million gain. Vornado also is in the process of transferring 7 West 34th Street to its New York segment. Vornado said that the sales of the Canadian Trade Shows had also closed, with the other sales expected to close in the third quarter. The company will recognize an $11.9 million loss in the second quarter and a $24.5 million gain in the third quarter from the sale of Canadian Trade Shows.

For more news and information visit Blumberg Capital Partners.

Blumberg Grain, a division of Blumberg Capital Partners, to Open 5 Manufacturing Plants & Export Hubs as Part of its Asia, Middle East-North Africa (MENA), Middle East-South Asia (MESA), and Sub-Saharan Africa Expansion Plans.

Blumberg Capital Partners, a market leader in investment management and infrastructure development, is expanding Blumberg Grain, its food and grain safety and security systems division.
Blumberg companies are active in real estate and commodity investments, resource development, food and grain storage and security, and manufacturing.

Blumberg Grain provides public and private sector customers with food and grain storage and security systems and assists them manage their food supply through comprehensive network management services.

Blumberg Grain warehouses are prefabricated and pre-engineered to be the most effective and cost-efficient solution for food storage available on the market.

Blumberg Grain, has been engaged by countries located in East Asia, North Asia, the Middle East-South Asia (MESA), the Middle East-North Africa (MENA), and Sub-Saharan Africa to supply food and grain storage and safety systems as part of its plan to select 5 locations for its manufacturing and export hub expansion by the end of summer 2012 with an anticipated construction start date as early as the end of 2012. The 5 hubs will have an estimated employment of 6,000 people.

The initial focus of the manufacturing plants will be to produce prefabricated Blumberg Grain Storage Warehouses, each with 6,000 square feet (557 square meters) of storage.

Through increased trade activity and development, these manufacturing plants and export hubs have the capacity to manufacture 3,000 warehouse buildings annually or US $375M in output.

Currently, up to 50% of worldwide crop yields are lost annually due to lack of proper storage facilities. Accordingly, the demand for modern grain storage systems is a priority across the globe.

The Asian market, excluding China, has a demand of approximately US $80 billion for food storage warehousing systems and the MENA region a market demand of approximately US $22 billion.

Blumberg Grain offers a complete solution that begins with helping nations assess their food safety and security issues and progresses into the development of turnkey storage facilities with management support designed to bring post harvest crop losses to under 5%.

From basic dry storage unit for grains and dry goods to refrigerated and gas displacement systems for perishables including produce and meat, Blumberg Grain warehouses extend the useful life of perishables by up to 6 months. These warehouse units, designed specifically for developing world markets, are powered using an independent energy supply that insures primary or backup operation power.

By extending produce storage-life, users of Blumberg Grain systems can select and time the sale of its agricultural products into premium priced markets away from harvest peak supply periods.

Blumberg Grain's state of the art Network Management Services enables full turnkey systems and the most responsive solutions for food and grain safety and security including controlled access systems; interactive sensor monitors and controls for temperature, humidity, gas monitoring and other variables tied to mechanical and forced venting; controlled atmosphere through refrigeration and nitrogen displacement systems; an inventory management system which can track national food and grain supplies. Furthermore, the inventory management system can directly tie into national commodity markets allowing trading of food and grain supplies directly from the warehouse network. Blumberg Grain also provides strategic re-stockpiling of key food stuffs through hedged forward contracts assuring food supply and food inventory levels. Additionally, Blumberg Grain can also provide assistance in securing financing for the food storage systems.

For a video about Blumberg Grain's turnkey system please click here.

To download the storage unit and option brochure please click here.

For more information, please visit http://www.blumberggrain.com or contact Vicki Rosa atvrosa@blumbergcapitalpartners.com or 305-569-9500.

Heitman Sells Foundry Square IV for $184.5M

Heitman LLC, a Chicago-based real estate investment management firm, sold Foundry Square IV in San Francisco on behalf of Utah State Retirement System for $184.5 million. Brian Bollinger of Palmer Capital Inc. represented the seller, while the buyer was represented in-house according to a CoStar report. Heitman previously purchased the property from Cottonwood Partners.

Built in 2003, the 230,625 square foot building at 500 Howard Street was 100% leased at the time of sale with The Gymboree Corp. occupying most of the space. The property benefits from the new Transbay Terminal, which is known as the "Grand Central Station of the West."

For more news and information visit Blumberg Capital Partners.

Silver Spring Office Building Sold for $21.3M

11800 Tech Road in Silver Spring, MD traded hands this month as Corporate Office Properties Trust (COPT), an office REIT, sold the property to a joint venture between Finmarc Management and the Goldstar Group, which previously owned the building. HFF marketed the property exclusively on behalf of the seller and closed the transaction free and clear of debt. COPT purchased the property in the fall of 2002 from the Goldstar Group for $27.3 million as its first building buy in Montgomery County according to a CoStar report.

The 228,179-square-foot flex office building was built in 1967 and renovated in 1997. The property was 82.5% leased at the time of sale to six tenants including the General Services Administration, Comcast Cable, Kaiser Foundation Health, BioCore Medical and Holy Cross Hospital. 11800 Tech Road is located in the North Silver Spring/Route 29 submarket of Silver Spring approximately 14 miles north of Washington, D.C.

For more news and information visit Blumberg Capital Partners.