Ventas Buying American Realty Capital Healthcare Trust for $2.6B

Ventas, Inc. announced that it had entered into an agreement to acquire all of the outstanding shares of American Realty Capital Healthcare Trust(ARC Healthcare) in a stock and cash transaction valued at $2.6 billion, or $11.33 per ARC Healthcare share. The deal calls for A.R.C. Healthcare shares to be converted into a fixed number of Ventas shares based upon a negotiated Ventas stock price of $67.13. A.R.C. Healthcare shareholders can elect to receive either 0.1688 of a Ventas common share or $11.33 in cash for each share of A common stock they own, according to a New York Times article. ARC Healthcare's seniors housing operating portfolio, which comprises 27 percent of the NOI, includes 29 communities managed by eight operators, is currently 94% occupied.

"These acquisitions are consistent with our stated strategy to be the leading owner of healthcare and senior living properties globally, and position Ventas to continue to deliver growth and consistent superior returns to our shareholders," Ventas Chairman and Chief Executive Officer Debra Cafaro said. "With the addition of ARC Healthcare and the Canadian seniors housing communities, we are continuing our focus on private pay assets, expanding our industry-leading MOB footprint and international presence, and increasing our diversification while maintaining a strong credit profile and balance sheet. With these two accretive transactions, Ventas continues our excellent track record of value creating acquisitions."

"We are very excited to announce this transaction which delivers our shareholders a compelling premium to the Company's listing, tender offer and five day volume weighted average price ("VWAP") prior to today's announcement. In addition, it provides them the opportunity to participate in the future growth of what will become the largest, and in my view, best managed healthcare REIT and 6th largest overall REIT in the country," said Nicholas Schorsch, Executive Chairman of ARC Healthcare. "Ventas is an ideal strategic partner given its complementary and broadly diversified real estate portfolio, outstanding history of value creation, and extraordinary record of dividend growth. In keeping with our commitment and past practice of aligning management and shareholder interests, the ARC Healthcare management team has elected to take all consideration for this transaction in stock of the combined company."

For more news and information visit Blumberg Capital Partners.

Grandbridge Closes $24.5M Loan for The Mile at Coral Gables

The Mile at Coral Gables LLC, a joint venture between Greystone, Alta Developers, and Strategic Properties, secured a $24.5 million first mortgage loan for the construction of a 13-story mixed-used development at 3622 S.W. 22nd Street in Coral Gables. The Miami Office of Grandbridge Real Estate Capital announced that they had originated the transaction, with funding for the three-year interest-only loan provided through one of Grandbridge's banking relationships. "The Mile at Coral Gables' proximity to downtown and the airport is a key reason why the location is so attractive for a growing influx of sophisticated residents," explained Grandbridge Real Estate Capital Senior Vice President Phil Carroll. "This project fits with the area's increasing demand for housing within walking distance of shopping, restaurants and cultural attractions."

Designed by architecture firm Behar Font & Partners, the development includes plans for 3,000 square feet of street level retail and 119 luxury apartments, along with a pool, fitness center and a 175-space parking garage. With an estimated completion at the end of 2015, The Mile stands within walking distance of downtown Coral Gables, Florida with a projected value upon completion that exceeds $40 million.

For more news and information visit Blumberg Capital Partners.

Trump Giving DC's Post Office Tower $200M Makeover

The Trump Organization will take possession of the landmark 1899 post office tower on Pennsylvania Avenue in Washington, DC this Saturday, beginning a 60-year lease from the General Services Administration that will see Trump invest $200 million to turn the property into a luxury hotel. Donald J. Trump, president and chairman of The Trump Organization, first unveiled plans for the redevelopment last September, and plans to have the project completed in time for the 2017 presidential inaugural parade. The main building will have 271 rooms — prices to be determined — including two "presidential" suites in the former postmaster general's office, 3,600 and 5,000 square feet in size, according to a New York Times article.

"Trump International Hotel, Washington D.C. will be, when completed, one of the finest hotels anywhere in the world. The building itself, which is totally irreplaceable, is going to be brought back to far beyond its original grandeur. People of this country will be particularly proud of the new ballroom – it will be large and magnificent. With carefully articulated luxury features and amenities, an unrivaled location on 'America's Main Street' and iconic architectural character, it will be unlike any other hotel in the market today. It will be a building of which our whole nation will be very proud!" declared Donald J. Trump.

For more news and information visit Blumberg Capital Partners.

Lexington Realty Trust Acquires TN Industrial Property

An affiliate of Lexington Realty Trust has completed the acquisition of a warehouse and light manufacturing building in Lewisburg, TN from Frontier Development II. Terms of the deal were not disclosed by either company. In Lexington's 2Q 2014 earnings release, Lexington Realty Trust revealed that the estimated acquisition cost for the 310,000 square foot building was set for $13,320,000.

Located near the intersection of Garrett Parkway and U.S. Highway 431, 633 Garrett Parkway is a newly-built facility leased to Calsonic Kansei North America, Inc., a Japanese-based global manufacturer of auto parts. The facility, constructed by T.W. Frierson Contractors, will be used as a distribution center with some potential light manufacturing space.

For more news and information visit Blumberg Capital Partners.

REIT Pays $211M for Chicago Data Center

Ascent, a leading provider of comprehensive data center solutions, announced this week that it had sold the Ascent CH2 Data Center Facility in Northlake, Illinois for $211.7 million to Carter Validus Mission Critical REIT, Inc. The 250,000 square foot multi-tenant facility features Ascent's Dynamic Data Center Suite model and colocation suites and was designed for a broad range of customers with diverse computing and power density requirements. As part of the deal, Ascent will continue to work directly with current and future tenants through its operation of the Facility and will manage all data center development, design, construction, engineering and operational services.

"Partnering with CVMC REIT allows Ascent to concentrate on building out our current portfolio of data center facilities and increase strategic investment in the development of future locations," said Phil Horstmann, CEO of Ascent. "CVMC REIT's commitment to the data center space is the perfect complement to our design, construction and operational capabilities, strengthening our ability to provide current and future customers with the innovative solutions and mission-critical services they demand."

"Given this property's desirable location and long term leases with high-quality tenants, we believe that the Chicago Data Center is a great addition to our growing portfolio of mission critical real estate assets. We look forward to our relationship with Ascent, a recognized leader in the data center industry, who will continue to manage and develop the property for CVMC REIT," stated Michael Seton, President of Carter/Validus Advisors, the advisor to CVMC REIT.

For more news and information visit Blumberg Capital Partners.

Energy Revolution Creates Opportunities in CRE

A new report from CBRE titled Energy Revolution Impact on Americas Commercial Real Estate explores the latest unconventional energy advancements and their impact on the CRE market in North America. According to the report, the billions of dollars investments toward energy exploration is dramatically impacting economic and commercial real estate activity, creating opportunities for both investors and developers. The study was authored by Dallas-based Sara Rutledge, and Denver-based Jessica Ostermick. An excerpt from the summary follows:

Operations markets (locations that house the headquarters and/or regional operations centers of office-based energy professionals) have experienced tightening office market fundamentals over the past few years. Caracas and Houston, which both have seen 500-basis-point drops in vacancy since 2010, have led this trend.

Exploration activity applies numerous pressures to commercial real estate markets in regions where resources are extracted and/or processed, oftentimes creating a marked imbalance between demand and supply. This dynamic has resulted in high lease rates across all property types, significant development activity and above average investment returns, which is attracting growing interest from the real estate investment and development community.

The report notes that the rise in unconventional oil and gas development has created a shift in the geography of production, a change that has led the global supply to be increasingly driven by the Americas region – a trend that is expected to last through 2040. The movement, according to the report, suggests that the investment horizon may sustain over several decades and not mirror the boom and bust cycle of past conventional plays.

For more news and information visit Blumberg Capital Partners.

Wolff Co. Selects Developer for $54M Mixed-Use LA Development

The Wolff Company, an Arizona-based real estate private equity firm, announced this week that it had selected Bernards to develop Olive & Pico, a $54 million large-scale housing and retail project in downtown Los Angeles east of Staples Center. Wolff Co. also plans to develop a 347-unit apartment and retail complex nearby at 12th Street and Grand Avenue, according to a Los Angeles Times article.

Designed by TCA Architects, the new Olive & Pico project construction will begin this month with delivery expected by mid 2016, adding a seven story building at 12th and Olive Street in the South Park neighborhood. The property will include 293 multifamily units and 17,300 square feet of ground floor retail with 7,000 square feet of amenities.

"South Park is one of the most desirable and active-lifestyle districts in downtown Los Angeles," said Jeff Bernards, senior vice president of Bernards. "We are pleased to have been selected to build this mixed-use residential project, which will add retail amenities and increased vitality on the street, aiding in the continued transformation of South Park to a lively urban neighborhood and evolution of downtown to a true 24-7 market."

For more news and information visit Blumberg Capital Partners.

Blackstone To Sell Five Boston Towers for $2.1B

Oxford Properties Group, the property investment arm of the Ontario Municipal Employees Retirement System (OMERS), is leading a consortium of buyers that has agreed to buy five high-rise office towers in Boston, MA from Blackstone Group for about $2.1 billion. According to a Boston Globe article, Blackstone originally acquired the properties when it bought Equity Office Properties Trust, a landlord built by the Chicago real estate magnate Sam Zell, for $39 billion in 2007. Oxford Properties oversees about $20 billion of assets it manages for itself and on behalf of partners. Other bidders on the Boston portfolio reportedly include the Government of Singapore, and a joint venture of Norway's sovereign wealth fund and MetLife Inc.

As part of the agreement, Oxford would buy all of 100 High St. and 125 Summer St., according to a Wall Street Journal report. Oxford intends to partner with the asset management arm of J.P. Morgan Chase & Co. to buy three towers: 60 State St., 225 Franklin St. and One Memorial Dr. in neighboring Cambridge. The five-building portfolio totals almost 3.3 million square feet and are properties mostly in downtown Boston.

Blackstone Group is also selling its ownership stake in another Boston building in the portfolio, Rowes Wharf, to Morgan Stanley, which is its partner in the building.

For more news and information visit Blumberg Capital Partners.

JP Morgan Chase Buys AstraZeneca Property for $44M

JP Morgan Chase closes on a deal this week to purchase a piece of AstraZeneca's south campus along Concord Pike in New Castle County, Delaware for $44 million. The property is being sold by AstraZeneca Pharmaceuticals, which is unloading some of its properties with plans to vacate the south headquarters site by year's end. JP Morgan Chase is expected to occupy the offices located in what was the biopharmaceutical firm’s South campus in early 2015. The 58-acre parcel has been approved for an additional 832,000 square feet of office space.

"The financial industry's recent growth in our state has created thousands of good jobs for Delawareans and has played an important role in our state's employment growth outpacing the national average," said Delaware Gov. Jack Markell. "JP Morgan Chase has been a big part of that growth. Its purchase of the south campus will ensure that this centrally-located property can continue to be an engine for economic growth and opportunity in our region."

The property currently has two buildings — a four-story, 203,602-square-foot structure and a three-story, 153,949-square-foot structure, according to a Philadelphia Business Journal article. Constructed in 2002, the buildings have a dining facility, hair salon, fitness center, conference and training centers, and other amenities.

For more news and information visit Blumberg Capital Partners.

Clarion Adds to Austin Office and Retail Portfolios

Clarion Partners has expanded its Austin portfolio with the acquisition of Mira Vista and The Overlook, an office portfolio, and a single tenant retail property occupied by Whole Foods Market Inc. The office portfolio was purchased from Houston-based The Lionstone Group, while the retail building was developed and owned by Austin-based Endeavor Real Estate Group in partnership with RREEF, now known as Deutsche Asset & Wealth Management. HFF represented the seller for both transactions; terms of the deals were not disclosed.

"We're excited to expand our portfolio in Austin," said Brian Watkins, a Managing Director at Clarion Partners. "This is one of the strongest major metropolitan markets in the country and we believe the strong location and proximity to amenities make these assets an excellent addition to our portfolio."

The 171,872 square foot, two-building office portfolio is currently 98.2% leased across a variety of professional service industries. Mira Vista and The Overlook were developed in 2002 and 1999, respectively, and are occupied with a strong tenant roster across varied industries including finance, real estate, legal, education and technology. Whole Foods has a long-term lease for the 60,000-square-foot property at 11920 Domain Drive.

For more news and information visit Blumberg Capital Partners.

Blackstone Grabs Las Vegas' Cosmopolitan for $1.73B

Deutsche Bank has struck a deal to sell The Cosmopolitan of Las Vegas resort and casino to Blackstone Real Estate Partners VII for $1.7 billion, which will be paid in cash. Deutsche Bank invested $4 billion in the resort it acquired after picking up the foreclosed property following the previous owner's default on a construction loan in 2008. The sale represents one of the biggest losses on a single project that Las Vegas has ever seen. A Deutsche Bank spokesman declined to specify the loss from the Cosmopolitan in a Wall Street Journal article, but the bank has reported €6.9 billion ($9.5 billion) in losses from noncore assets since 2012.

"The bank is committed to reducing its non-core legacy positions in a capital-efficient manner which benefits shareholders," Pius Sprenger, head of the Frankfurt-based lender's non-core operations unit, said in a statement today. The division is selling and winding down assets that Deutsche Bank doesn't consider to be central to its business. The Cosmopolitan opened in December 2010, but made net losses of $440 million over its first four years of operation. Other bidders for the property included Crown and a joint venture of TPG Capital, Apollo Global Management and Caesars Entertainment, according to people familiar with the bidding process.

"As a significant investor in the hospitality sector, Blackstone recognizes the value and potential in The Cosmopolitan as well as Las Vegas itself," said Tyler Henritze, senior managing director of Blackstone's real estate group. "This marks the beginning of the next chapter for The Cosmopolitan of Las Vegas, and the thousands of dedicated CoStars (i.e. employees of the property) who are committed to providing a compelling guest experience."

Blackstone's acquisition of the Cosmopolitan "speaks to a historically smart real-estate buyer making a statement on the length of the Las Vegas Strip recovery," said J.P. Morgan casino analyst Joe Greff in a report Thursday.

For more news and information visit Blumberg Capital Partners.

REIT Acquires Three Atlanta Medical Office Buildings

Griffin-American Healthcare REIT III, Inc., a newly-formed entity sponsored by American Healthcare Investors and Griffin Capital Corporation, announced this week that it had entered into agreements to acquire three medical office buildings located in Greater Atlanta for an aggregate purchase price of approximately $12.1 million. The three new medical office building acquisitions include the 16,315-square-foot Country Club Medical Office Building in Stockbridge, GA, the 37,500-square-foot Acworth Medical Complex in Acworth, GA, and the nearly 19,000-square-foot DeKalb Professional Center in Lithonia, GA.

"Each of these medical office buildings is located near, or closely affiliated with, a large hospital system in the heart of a thriving community with growing demand for healthcare services," said Dan Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT III. "These are among the key traits we seek when evaluating an asset for acquisition, and make these three Atlanta-area medical office buildings ideal acquisitions for Griffin-American Healthcare REIT III."

According to a Commercial Property Executive article, the healthcare real estate sector has been growing at a fantastic rate over the past two years. Griffin-American raised nearly $750 million in investor equity in 2012 and was even more prolific in 2013, raising more than $1.7 billion. International inventory comprises 18 percent of the REIT's portfolio.

For more news and information visit Blumberg Capital Partners.

Stantec to Acquire SHW Group

Stantec, a Canadian engineering and architecture firm, announced this week that it had signed of letter of intent to acquire SHW Group, with plans to complete the acquisition later this month. SHW is a nearly 300-person firm providing architectural, interior design, planning, and engineering service for the education sector; their addition to Stantec will reinforce Stantec's existing education expertise in their pursuit of top-tier positioning in this sector. Terms of the deal were not disclosed.

"Having SHW join Stantec bolsters our emerging presence in Texas and Michigan," said Stantec president and CEO Bob Gomes in a statement. "[It] will also help diversify Stantec's buildings practice by growing our education sector in an expanding US market."

"Joining Stantec gives us a greater opportunity to bring additional resources, expertise and services to our clients," added Marjorie Simmons, chief executive officer at SHW. "Joining the Stantec team will accelerate our ability to be a globally-recognized education facility planning and design expert, while offering our staff tremendous growth opportunities."

For more news and information visit Blumberg Capital Partners.

Blumberg in the News

Blumberg Grain was recently featured in a WorldStage News article titled Staple Crop Processing Zones to add N1.4tri to Nigeria’s economy- Minister in which Nigeria’s Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, discussing the state of the economy and agriculture in Nigeria. An excerpt follows:

The minister explained that the number of seed companies grew from 11 to 77 in two years with investment from the private sector.

He said, "The input sector agribusinesses are expanding rapidly. The number of seed companies grew from 11 to 77 within two years. Syngenta, Monsanto and Dupont, the three largest seed companies in the world have committed to establishing seed companies in Nigeria due to our successes with the agribusiness approach. The success of the Growth Enhancement Scheme has led to the emergence of over 3,000 small and medium agribusinesses in input supply chain all over the country.

"Local fertilizer manufacturing and blending capacity has significantly expanded, with $5 billion in new investments. To fix the storage segment for all value chains, the Ministry of Agriculture and Rural Development attracted Blumberg, one of the largest manufacturers of warehouses in the world, to commit to using Nigeria as the regional hub for manufacturing warehouses in West Africa.

"The Nigeria Agribusiness Group is a high powered organized private sector group comprised of all value chain stakeholders, from the input suppliers to aggregators, food processors, marketers and consumers. The group will help to ensure that the ongoing reforms of the agriculture sector are protected and sustained. They will also work closely with the government to improve further the business environment for agriculture."

To read the full article, click here. For more news and information visit Blumberg Capital Partners.

Regent Buys Atlas at Carlsbad for $16M

LA-based Regent Properties announced this week that it had purchased the former Upper Deck Headquarters in Carlsbad, CA for $16 million. Regent acquired the 246,668-square-foot building at 5909 Sea Otter Place from WP Carey; terms of the deal were not disclosed. Aric Starck, Managing Director with Cassidy Turley's Carlsbad office, represented both the buyer and seller.

"Regent Properties plans to reposition the property to serve growing tenant demand in the market, which has a scarce supply of large blocks of contiguous space," said Starck. "This facility is the former headquarters location of the Upper Deck trading card company and considered a single tenant corporate headquarters building. Regent has begun redeveloping the building to allow for a single tenant or multiple office and R&D tenants."

Improvements under way by Regent Properties include interior renovation and modernization, new exterior glazing, new landscaping, additional parking and site work, according to a GlobeSt.com article. "Carlsbad currently has no new spec construction," Starck told the publisher. "This project will be well positioned to capitalize on an environment where we are seeing significant net absorption and decreasing vacancy year after year."

For more news and information visit Blumberg Capital Partners.

Mack Urban JV Breaks Ground on $50M Mixed-Use Project

A joint venture led by Mack Urban and including Mill Creek Development Co. and Cigna Investment Management, the equity partner, broke ground this week on a $50 million mixed-use development in the playhouse district of Pasadena, CA. Designed by RTKL Associates, the new development will include 2-to-6 story buildings with 118 total units and 7,600 square feet of retain space, including two levels of subterranean parking area with 220 spots.

"This increases the livability of our district and makes it extremely walkable," said Elizabeth Doren, executive director of the theater and serves on the board of directors of the Pasadena Playhouse District Association.

"We'll cater to young professionals moving to Pasadena, and empty nesters," said John Gunn, managing director of Mack Urban. "Pasadena was a suburban city for a long time and is now becoming more urban and walkable. People are trying to move into the core."

The new development called Union Village, which may be renamed before completion in January 2016, sits on 1.9 acres of land in Pasadena that were previously owned by Mill Creek Development Co. Once complete, the tallest building will offer views of the mountains as well as the annual Rose Bowl and New Year's Day parades.

For more news and information visit Blumberg Capital Partners.

Tutor Perini's 3 New Projects for $285M

The Tutor Perini Corporation, a California-based construction company founded in 1894, announced three new projects valued at more than $285 million this week through its subsidiary general construction company, Rudolph and Sletten, Inc. The highest-value contract of the three, worth between $125 million and $150 million, calls for the construction of 300,000 square feet of new and renovated buildings at the Broadway Plaza shopping center in Walnut Creek, California, owned by Macerich Co., according to a Law360.com article. The three contracts include:

Macerich, Broadway Plaza Retail Development
Construction of 300,000 sf of new and renovated buildings in the existing high-end open air shopping center in Walnut Creek, California, including a new two-story retail building, refacing of existing storefronts, four levels of new parking and sitework improvements throughout the shopping center. Construction started in February 2014 and is expected to be substantially completed in December 2016.

Silicon Valley Microelectronic Manufacturing Facility
Construction of a new 70,000-sf clean room, including new support steel structures and utilities, along with new interior office upgrades within an existing overall upgraded 270,272-sf two-story building. Construction started in April 2014 and is expected to be substantially completed in May 2015.

University of California, Santa Barbara, Bioengineering Lab Building
Construction of an 89,000-sf three-story multi-disciplinary research facility, which will house a combination of wet labs, lab support space, and dry computational research labs. The facility will support flexible research and office space for 14 faculty, 78 graduate, and 28 post-doctoral fellows. The public center of the building features a three-story atrium and framed by administrative and departmental offices. The building will include a 100-seat auditorium placed prominently at the building's entry. Construction is expected to start in September 2014 and be substantially completed in December 2016.

For more news and information visit Blumberg Capital Partners.

RPAI Buys Out JV Partner in $292.5M Venture

Retail Properties of America (RPAI) announced this week that it had agreed to buy out its partner in a portfolio of six shopping center properties with an agreed upon value of $292.5 million. RPAI will purchase the 80% interest owned by a state pension fund, valued at $234.0 million, and assume the joint venture's $142.2 million of in-place mortgage financing, as of March 31, 2014.

"We are very pleased to add these outstanding assets to our wholly-owned portfolio," stated Steve Grimes, President and CEO of RPAI. "This transaction will enhance our presence in our target markets with high quality multi-tenant retail assets demonstrating strong demographic profiles and long-term growth potential. Additionally, this transaction further simplifies our balance sheet, as we will have no remaining investment property unconsolidated joint ventures."

The portfolio cover 1.2 million square feet of space and was 95.5% leased at the time of sale, with major tenants including Target, TJ Maxx, Ross Dress for Less, King Kullen, Tom Thumb, PetSmart, The Cheesecake Factory and Bed Bath & Beyond. Properties include:

• Lincoln Park, Dallas
• Oswego Commons, Chicago
• Huebner Oaks Center, San Antonio
• John's Creek Village, Atlanta
• Gardiner Manor Mall, New York
• Commons at Royal Palm, Miami

For more news and information visit Blumberg Capital Partners.

Savanna Buys Manhattan Office Building for $261M

Savanna, in a joint venture with KBS Capital Advisors, announced this week that it had purchased 110 William Street from Swig Equities and the Dubai Investment Group for $261 million, or $281 per square foot. Terms of the deal were not disclosed, but press releases did indicate that Savanna was represented by Laurie Grasso and Susan Saslow of Hunton & Williams in the acquisition and Carl Schwartz of Hunton & Williams in the joint venture with KBS Capital Advisors.

"Our acquisition of 110 will accelerate the positive transformation of William Street that is occurring as institutional firms continue to buy and upgrade many of the adjacent properties," said Nicholas Bienstock, a managing partner at Savanna, in a statement. "By investing in and improving the building, we expect to attract the same diverse group of tenants that we have been able to attract to our other Downtown properties."

The 32-story, 928,000 square foot Financial District tower is located in the heart of Lower Manhattan, with direct entry from its lobby to the subway and the future Fulton Center, a new major transit hub scheduled for completion late next month. Savanna said it plans to undertake a comprehensive capital improvement plan at the building, with Newmark Grubb Knight Frank leading leasing efforts, and Swig Equities providing property management services.

"It's an exciting time to be investing in Downtown Manhattan as the long transformation has arrived, with over $30 billion in capital invested in Downtown from both the public and private sector over the last ten years," said Adam Spies of Eastdil Secured, which served as exclusive advisors for the transaction. "As Downtown has become the epicenter of the region's vast pool of high-value, knowledge workers, the demand for office space continues to increase, evidenced by 22 percent year over year increase in rental rates as of first quarter 2014."

For more news and information visit Blumberg Capital Partners.

Hersha Sells Hotel 373 in Manhattan

Hersha Hospitality Trust announced this week that it had closed on the sale of Hotel 373 in midtown Manhattan to an offshore investment fund for $37 million, or approximately $529,000 per key. "The pricing on the sale of Hotel 373 is indicative of Manhattan's highly sought after real estate market, and underscores the quality and value of Hersha's New York City hotel portfolio," said Jay Shah, chief executive of Hersha, in a statement. Hersha was represented by New York City-based broker Solid Rock Advisors East, LLC in the transaction.

"The successful closing of the sale of Hotel 373 at attractive pricing highlights the inherent value of Hersha's New York City hotel portfolio, and demonstrates the strong domestic and international interest from public and private groups seeking well-located cash flowing real estate in top U.S. gateway markets," added Shah. "The Company utilized a portion of the proceeds generated from the sale to repurchase 2.6 million common shares. Moving forward, we will continue to examine opportunities to divest stabilized assets and redeploy the proceeds into higher growth opportunities, or to repurchase common shares when our stock price does not properly reflect value."

For more news and information visit Blumberg Capital Partners.