Major CRE Firms Report 3Q Deal Slowdown

A new report from CoStar Group examines the slowed activity in commercial real estate during the third quarter this year, and the causes. With third quarter earnings calls being hosted this week, the largest publicly traded CRE firms have indicated that the lull in leasing and sales activity in the United States reflects cautious businesses waiting for results from the Presidential election, national tax and debt issues, and concerns regarding the ongoing debt crisis in Europe coupled with the slowdown in Asian economic growth.

Comments from industry leaders quoted in the CoStar article include:

"The market environment turned more cautious in the third quarter," noted Brett White, CEO of Los Angeles-based CBRE Group Inc. "Many investors and occupiers deferred making decisions and commitments. The current recovery, unlike previous ones, remains frustratingly slow and inconsistent. Nevertheless, we continue to believe that the recovery is ongoing and as we've been saying for some time, remain subject to quick swings in market sentiment."

"We believe we see that business is coming our way because of general uncertainty and hesitancy, and that traditionally favors the strong brands in any markets, and ours is no exception," said JLL CEO Colin Dyer, participating in the company's conference call Tuesday morning via mobile phone due to dislocation by the hurricane. "For next year, we anticipate markets that are not going to get worse, but at the same time, not improving as quickly as businesses might hope," he said. "There are encouraging signs. The U.K. emerging from recession and China perhaps, turning around its declining growth rates. But there are also global-scale issues that concern business confidence, the post-election fiscal cliff in the U.S. and the ongoing issues with sovereign debt in Europe being the two principal examples."

For more news and information visit Blumberg Capital Partners.

Astani Plans $100M Mixed-Use Project in Hollywood

Developer Sonny Astani's company, Astani Enterprises, has plans to develop a $100 mixed-use complex called High Line West along a formerly neglected stretch of Hollywood Boulevard. The longtime apartment developer bought a 1.9-acre site on Hollywood near Western Avenue for about $11 million from Capmark Financial Group Inc. according to a Los Angeles Times article. Astani's complex will include a 5,000-square-foot elevated park above street-level shops that is meant to evoke New York's popular High Line park. Work on the $100 million project could begin in about year and would take 18 months to build.

Among the structures on the property is a building that was part of Falcon Studios, a performing arts school founded in 1929 run by former Olympic fencer Ralph Faulkner. Faulkner, who died in 1987, crossed swords with some of Hollywood's biggest action stars, with students including Errol Flynn, Ronald Colman, Basil Rathbone and Douglas Fairbanks Jr. Astani plans to incorporate a Falcon Studios building facade in his 280-unit apartment complex and build around a city landmark structure at 5540 Hollywood Boulevard.

"I've long wanted to build in this neighborhood," Astani said. "It's home to a rich cultural mix of single people and families, and is situated between the upscale retail developments of Hollywood to the west and Los Feliz to the east."

For more news and information visit Blumberg Capital Partners.

Covington City Hall to Convert to $25M Luxury Boutique

Aparium Hotel Group and The Salyers Group announced this week that it would partner with the City of Covington, KY to develop The Hotel Covington inside what is currently city hall. According to a WCPO report, plans call on keeping the historic shell of the building, which originally housed a fancy department store that catered to the well-to-do of the time. The City of Covington, under the leadership of Mayor Chuck Scheper, will invest the 102-year-old former Coppin's Department Store building, now home to City Hall and state offices, to the project. The $25 million project is expected to create approximately 125 jobs and foster economic development along Madison Avenue, a wedding district already established in downtown Covington.

"We're very excited about this project," said Covington City Manager Larry Klein. "We think the impact is going to be huge. It's going to be great for the small businesses already in the area. It's going to attract more small businesses as we bring in out of town people and people who live here."

"This property ideally suits our commitment to delivering Translocal Hospitality in urban markets," said Mario Tricoci, CEO of Aparium Hotel Group. "The Hotel Covington will draw inspiration from the local culture and cultivate a following through a sense of civic pride and exciting food & beverage."

Located at 638 Madison Avenue, the seven-story Hotel Covington will have 107 rooms and a signature restaurant and bar. Covington's City Hall will move to another location, which has not been determined, according to the report.

For more news and information visit Blumberg Capital Partners.

New Class AA Building at Hall Office Park

Craig Hall, chairman and founder of Hall Financial Group, announced this week that construction will soon be underway on the 16th building at Hall Office Park in Frisco, Texas. According to a Dallas Business Journal article, development on the speculative new office building at 3001 Dallas Parkway will begin in early 2013. The new Class AA building at 3001 Dallas Parkway will be eight-stories with 200,000 square feet.

"With existing demand for new multi-tenant office space in the area outpacing availability, we believe the timing is right to start this next building," said Hall. "Our decision to move forward was facilitated by the support and development incentives provided by the City of Frisco and the Frisco Economic Development Corporation. Their encouragement and assistance will help make this speculative project economically workable."

Hall Office Park is Hall Financial Group's 162-acre development in Frisco, Texas, master planned for 3 million square feet of Class A space. The new addition is s being built on one of the two remaining and highly visible development sites in the park overlooking the Dallas North Tollway. Hall Financial Group has maintained a steady development pace at Hall Office Park since opening its first speculative building in early 1998. Today, 15 buildings with 2 million square feet of space are complete and 98% leased to a roster of 170 tenant companies with an employee population of 6,500.

For more news and information visit Blumberg Capital Partners.

ACC Acquires $862.8M in 19 Properties

American Campus Communities, Inc. (ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., announced this week that it had acquired 19 select student housing properties for $862.8 million from affiliates of Kayne Anderson Capital Advisors, L.P. According to a Businessweek article, ACC will pay $466.6 million in cash under the deal and assume roughly $396.2 million of outstanding mortgage debt. The acquisition is expected to close in the fourth quarter of 2012, with the exception of a property that is under development. That portion of the deal will close during the third quarter of 2013.

"We believe these 19 select assets offer high-quality products and locations in Tier 1 markets," said Bill Bayless, ACC CEO. "Furthermore, approximately 75 percent of the select portfolio is an average of 0.3 miles from campus in submarkets with barriers to entry. We are excited about this opportunity to create substantial value by overlaying our operating platform on this portfolio."

For more news and information visit Blumberg Capital Partners.

CNN DC Headquarters Sold for $107M

Norfolk-based Harbor Group International announced this week that it had acquired 820 First Street, NE in Washington, DC for $107 million from Baltimore-based Greenebaum & Rose Associates. Harbor Group International's investment partners in the property include affiliates of Capstone Equities and Image Capital. Cassidy Turley served as the seller's broker for the transaction.

"Washington D.C. has always been one of the strongest markets for investment real estate," said Jordan Slone, Chairman & CEO of Harbor Group International. “The abundance of government jobs in the area keeps the economy stimulated. Unemployment and office vacancy rates outperform most other metropolitan areas in the United States.”

Designed by Koubek Architects, the building was constructed in 1990 and is located across from Union Station, Washington, D.C.'s largest transportation hub, in the Capitol Hill North submarket. The 11-story, 298,533 square foot Class A office building houses the Washington DC Bureau of CNN, and is 99% leased with other tenants including Accenture and various entities of the United States Government.

For more news and information visit Blumberg Capital Partners.

Hines, Boston Properties Form JV for Transbay Tower Project

The San Francisco Planning Commission gave final approval this month for the Transbay Tower, a, 1070-foot skyscraper slated to become not only the highest point on the San Francisco skyline, but the tallest building on the entire West Coast, according to a Huffington Post article. Hines and Boston Properties have entered a 50/50 joint venture on the land for Transbay Tower; a spokeswoman for Hines confirms that it's the first JV between the two owner/developers, who will pay approximately $190 million to acquire the land from the Transbay Joint Powers Authority.

The proposed Transbay Tower at First and Mission streets will be part of a 145-acre Transit Center District that will include commercial high-rises, residential towers, hotels and retail space, all wrapped around a planned Transit Center that will be the hub for local and regional bus lines, as well as the underground terminus for the proposed Caltrain extension and the statewide high-speed rail line. Designed by Pelli Clarke Pelli Architects, the 1.4 million-square-foot, 61-story tower should begin construction as early as next summer with building delivery in late 2015.

"We think the tower will be a beautiful addition to San Francisco's beloved skyline as well as an extremely desirable and sustainable workplace next to one of the state's busiest transit hubs," Hines chairman Gerald D. Hines said in a statement.

For more news and information visit Blumberg Capital Partners.

Vornado Picks Up Interest in $475M Times Square Property

Greenwich, CT-based Starwood Property Trust and Starwood Capital Group announced the sale of a 25% stake in both the first mortgage and mezzanine loan on 701 Seventh Avenue in the Times Square area of Manhattan to Vornado Realty Trust. On October 16, 2012, Starwood Property Trust and Starwood Capital Group announced the co-origination of a $475 million first mortgage and mezzanine financing for the acquisition and redevelopment of a 10-story retail building located in Times Square to build Times Square Gateway Center, a 340,000-square-foot multi-use complex. $375 million was funded at closing and $100 million will be funded upon reaching certain milestones during the transformation of the property.

STWD, Starwood Distressed Opportunity Fund IX, and VNO have now funded $210.9 million, $70.3 million and $93.8 million, respectively, and each party will fund their pro rata share of any future fundings according to a GlobeSt.com report. The lenders intend to sell the first mortgage in the near term to increase their investment returns and retain the mezzanine loan. Following the completion of the sale, the existing lenders expect that the mezzanine loan will generate an IRR in excess of 14% before attributing value to the equity participation received in the transaction which could be material.

"The Times Square Gateway Center will greatly enhance the North end of Times Square," said Ike S. Franco, Co-Managing Partner of Infinity Urban Century, LLC, of the new development. "With the combined strength of Maefield Development, New Valley, and The Witkoff Group, this project has the potential to become one of the most innovative New York City developments in decades and to further cement the image of Times Square as the most vibrant global retail and entertainment district."

For more news and information visit Blumberg Capital Partners.

San Jose Office Campus Sold for $29.5M

Bixby Land Company, a privately held REIT that owns and operates approximately 6 million square feet of office and industrial real estate in California, Arizona and Nevada, purchased a four-building office campus in San Jose, CA this week for $29.5 million. Rockpoint sold Trimble Technology Park, which sits roughly one-half mile from San Jose International Airport, and currently has three vacant buildings. CBRE represented the seller in the transaction; details were not disclosed.

According to a San Jose Business Journal article, Bixby plans to put $23 million into renovating the 234,123-square foot Trimble Technology Park, located at 375, 397, 399 and 441 W. Trimble Road. "We look at what is happening further north in Silicon Valley and we feel the pressure of demand from those kinds of tenants will continue to move farther south and create more demand in North San Jose," said Aaron Hill, Bixby's vice president of operations.

For more news and information visit Blumberg Capital Partners.

Savanna Finalizes 2 Rector St. Acquisition

Savanna, a real estate private equity firm run by Chris Schlank and Nick Bienstock, has acquired a controlling interest in 2 Rector Street. Savanna worked in partnership with Stellar Management to buy out Stellar's partners, including Lehman Brothers to secure a controlling interest in the property, according to a CoStar report. In 2010, Savanna became a part owner of the 464,000-square-foot, 26-story office building when it helped landlord Stellar Management restructure a loan. The building at the time couldn't make debt payments because it had lost its largest tenant, according to a Wall Street Journal article.

According to data from Real Capital Analytics, the first mortgage that Savanna bought in to was $100 million in CMBS, while the 2007 mezzanine loan was $10 million. "Our capital work will transform 2 Rector Street into a modern Lower Manhattan office tower located just steps from the World Trade Center development, complete with highly desirable office suites built to suit our tenants' needs," Andrew Fichte, a vice president at Savanna, said in a prepared statement.

A Jones Lang LaSalle team headed by Vice Chairman Mitchell Konsker, Senior Vice President Scott Cahaly and Vice President Brian Reiver will handle leasing at the building. Savanna is planning an an extensive capital improvement program, spending millions of dollars to upgrade the building's lobby, elevators, restore its exterior and modernize a number of building systems.

For more news and information visit Blumberg Capital Partners.

Palmer House Secures $365M in Refinancing Loans

Jones Lang LaSalle and Jones Lang LaSalle Hotels secured a $365 million financing package on behalf of Thor Equities for the Palmer House Hilton in Chicago. JP Morgan provided the floating-rate financing. "This refinancing with allow Thor Equities to continue and augment its ongoing efforts to maintain the Palmer House's status as a crown jewel of Chicago," said Joe Sitt, CEO of Thor Equities.

Thor Equities, a global leader in urban real estate development, leasing and management, acquired the Palmer House Hilton in August 2005 after more than 60 years of owner operations by Hilton Hotels Corp., according to a REJournals.com article. The 24-story main building is comprised of the 1,639-room hotel sitting atop a 57,000-square-foot, street-level retail arcade, a 177-space underground valet parking garage and a full basement. In October 2008, Thor completed a $131 million renovation that resulted in numerous infrastructure improvements, refurbished guestrooms, public spaces and meeting spaces and a number of food-and-beverage operations.

For more news and information visit Blumberg Capital Partners.

Tech CU Provides $12M CRE Loan to CIIS

Technology Credit Union (Tech CU) and the California Institute of Integral Studies (CIIS) announced this week that Tech CU would refinance the CIIS headquarter property with a $12 million commercial real estate loan. Located at 1453 Mission Street in San Francisco's South-of-Market district, CIIS purchased the property in 2007 for an undisclosed sum. CIIS spent two years on renovations of the property, originally built in 1912 as the headquarters and factory of a company that produced knitted clothing.

Tech CU offers commercial real estate loans to Bay Area businesses and nonprofits that can be used for real estate acquisition and refinancing. "Tech CU has committed resources to provide flexible and customized commercial real estate lending solutions for organizations with various financing requirements. We were able to compete and win a relationship with CIIS by providing a financing solution to meet their needs," said Tech CU's EVP and Chief Banking Officer Joe Anzalone. "Tech CU is on a path of prudent loan growth this year. Having the opportunity to work with a fine educational institution such as CIIS is exciting for us as we expand our presence in the greater Bay Area marketplace. We see this as the beginning of a long-term relationship between our two institutions."

"Tech CU was able to offer us a flexible refinance solution that met our needs as an independent university," said CIIS President Joseph L. Subbiondo. "Their professional team had the expertise necessary to negotiate with our former lender and ensure an expedient refinancing of the loan. On a more personal level, we appreciated working with a local financial institution that has strong ties to the Bay Area."

For more news and information visit Blumberg Capital Partners.

DDG Partners Buys Development Site in Soho for $38.35M

HFF announced this week that it had closed the sale of a development site in Soho on behalf of the seller, a subsidiary of Lehman Brothers Holdings Inc., for $38.35 million. DDG Partners purchased 325 West Broadway, a residential development on the site of the former Tootsie Roll factory grossing 61,416 square feet. The Commercial Observer noted that a spokesperson confirmed that it was an all-cash acquisition.

The current development plan includes a two building property with ground-floor retail, situated at 325-329 West Broadway and 23-25 Wooster Street. According to a Curbed NY report, the developer plans to break ground on a luxury building within 60 days.

"This property is ready for development with no entitlement or approval risk and is virtually shovel ready. Soho has some of the strongest buyer demand of any neighborhood in Manhattan and this development undoubtedly will appeal to a broad array of condo purchasers," said HFF senior managing director Andrew Scandalios.

Fore more news and information visit Blumberg Capital Partners.

CBRE Reports Moderate Improvement in U.S. Commercial Real Estate

The latest analysis from CBRE Group Inc. showed that U.S. commercial real estate market continued to show moderate improvement across all property sectors in the third quarter (Q3) of 2012. The analysis, according to a Sacramento Business Journal report, is based on surveys of buildings more than 10,000 square feet, excluding government owned and medical. Hilights of the results include:

Vacancy in the nation’s office buildings continued to decline, falling 20 basis points (bps) during Q3 to 15.5%.

National industrial availability1 dropped 10 bps during Q3 to 13.1%, continuing a two-year favorable trend.

Retail properties continued to see modest improvement in availability, which fell 10 bps to 12.9%, during Q3.

Demand for the nation’s apartment buildings continued to be strong, with vacancy in Q3 at 4.6%, a decrease of 40 bps from a year ago.

For more news and information visit Blumberg Capital Partners.

JV Purchases Two Office Properties in Florida

A joint venture between Chicago-based Stage Equity Partners and Middleton Partners has acquired two medical office buildings in southwest Florida. The new JV paid roughly $125 per square foot for the buildings, which total approximately 70,000 square feet of space. According to a National Real Estate Investor Online article, the properties were acquired from a publicly traded healthcare REIT in an off-market transaction.

Located in Bradenton, Florida, the buildings were reportedly 95% occupied at the time of sale. A subsidiary of HCA Healthcare, one of the region's largest healthcare providers, leases roughly 60% of that space.

For more news and information, visit Blumberg Capital Partners.

NBA Building Beijing Sports Center

With the sixth NBA China Games starting this month, NBA China and the Yatai Lanhai Investment Group announced a partnership this week to jointly design, develop and build the first-of-its-kind facility in Tianjin's Wuqing District. According to a New York Times article, the NBA Center — a basketball extravaganza that will include a gym and an NBA-themed cafe, a restaurant and a store as well as an interactive gaming area and a children’s zone — will be placed at the center of a $1.5 billion, 2,000-acre property development. The NBA declined to say how much it was investing in the center but said it would be the first of several it planned to set up throughout China.

"The NBA Center will promote the development of sport in Wuqing with its after-school programs and recreational leagues for students, corporations, and local organizations," Luo Fulai, head of Wuqing District, said in a China Daily article.

"This project gives our fans of all ages a permanent destination to experience the NBA on multiple levels — from shopping, dining, and playing interactive games to learning basketball, training and conditioning all under one roof," said NBA China CEO David Shoemaker.

For more news and information visit Blumberg Capital Partners.

Equity One Acquires 6 Properties for $303M

Equity One announced this week that it had acquired, or is under contract to acquire, four properties for a total investment of $260 million; today, The Commercial Observer reported two additional properties were under contract, bringing the total investment to $302.5 million for the shopping enters in he New York Metropolitan Region and Bethesda, Maryland. "These acquisitions are consistent with our strategy of owning retail properties in urban markets with visible growth through contractual rent increases, below market rents and redevelopment opportunities," said Jeff Olson, CEO of Equity One.

The properties include:

Westwood Complex, a 22-acre property located in Bethesda, Maryland under contract with Capital Properties. The transaction is initially structured as a $95 million mortgage loan which has been funded.

Clocktower Plaza, a 78,820 square foot shopping center located in Queens, NY, for $56 million from Winstanley Enterprises.

Equity One finalized the acquisition of a Heyman Properties portfolio of three properties in Connecticut: Darinor Plaza at 500 Connecticut Avenue in Norwalk, Post Road Plaza at 400 Boston Post Road in Darien and Compo Acres at 380-400 Post Road in East Westport.

The company also closed on the purchase of two previously announced acquisitions, Darinor Plaza and 1225 Second Avenue.

For more news and information visit Blumberg Capital Partners.

Principal Financial Group Acquires AFP Cuprum for $1.5B

Principal Financial Group, Inc. announced today that it has signed a definitive agreement to acquire AFP Cuprum S.A., a leading pension manager in Chile with approximately $32.1 billion of assets under management. Businessweek reported that the $1.5 billion deal is the largest acquisition for the U.S.-based seller of life insurance and retirement products.

"This was really the one part of the system we had not been able to penetrate," Principal's Chief Executive Officer Larry Zimpleman said in an interview. "We can clearly pursue additional opportunities for contributions and revenue on the voluntary side, no question."

The agreement requires Empresas Penta S.A. and Inversiones Banpenta Limitada to sell their 63% ownership in Cuprum pursuant to a public tender offer that will also include the remaining 37% of publicly traded shares. This action, combined with its current business in Brazil, Chile and Mexico, will give Principal an even larger presence in faster growing emerging markets.

For more news and information visit Blumberg Capital Partners.

Singapore Rising from the Sea

A new Wall Street Journal article titled Singapore Undergoes a Glitzy Makeover examines current developments as Singapore's central business district undergoes its biggest makeover in a generation. New megadevelopments, mixing business and entertainment, are bolstered by government support that has helped lure investments from big-name developers, including Hong Kong's Cheung Kong (Holdings) Ltd., Hongkong Land Ltd., Singapore's Keppel Land Ltd. and MGPA, a private-equity real-estate company.

An excerpt from the article:

Google Inc. established its new Southeast Asia headquarters in Marina Bay's Asia Square earlier this year, and Citigroup Inc. is investing 85 million Singapore dollars (US$69 million) to make the same complex home to its new Singapore office and its largest trading floor by head count in the Asian-Pacific region. In 2011, London-based Standard Chartered PLC opened its largest office in the world in the district.

"As part of Singapore's new skyline, we believe that we are sending the right message to our customers," said Rohinton Mehta, a senior real-estate executive at Standard Chartered.

To be sure, most of Marina Bay's success has come during Asia's remarkable growth spurt and has yet to be tested by a sustained downturn. That is becoming more of a concern as Singapore cools along with the rest of the Asian economy.

For more news and information visit Blumberg Capital Partners.

SF's 799 Market Street Sold for Over $90M

A partnership between Urban Realty and Commonfund sold 799 Market Street in San Francisco to Jamestown L.P., a national real estate investment and management firm. The parties involved were unable to reveal the sales price to GlobeSt.com, but industry sources unrelated to the deal say the amount was $93.5 million. Eastdil Secured represented the seller in the transaction and helped Jamestown secure financing.

Michael Philips, Jamestown's COO, said in a prepared statement, "The acquisition of this asset is part of our ongoing strategy to expand Jamestown's presence on the West Coast and furthers our commitment to locations that support the intersection of media, technology and retail." Philips added that the property is "well positioned to capture the growing demand from tenants attracted to the area's vibrant atmosphere."

Built in 1968 and renovated in 1986, 799 Market Street is a Class A urban retail and creative-office building with 142,902 square feet of space. The property was 89% leased at the time of sale, with the retail section 100% occupied by a Ross Dress for Less flagship store.

For more news and information visit Blumberg Capital Partners.

Amazon Paying $1.16B for Global HQ

Last month Vulcan Real Estate announced that it would be putting Amazon.com's 11-building Seattle headquarters on the market; this week, Amazon announced that it would purchase the campus. In what will be the United States' biggest commercial real estate deal so far this year for a single property, Amazon is expected to close on the 1.8 million square foot complex by the end of the year.

"When we originally commenced the disposition process, we did not think Amazon would necessarily be the buyer," said Ada Healey, vice president for real estate at Seattle-based Vulcan. The 11 buildings were built in six phases. "We were fully prepared to have the six phases go to six different buyers."

In addition to the sale, Vulcan also said last month that it would construct two new buildings for Amazon, a $160 million project two blocks west of the existing headquarters that will add 380,000 square feet for Amazon. According to a Seattle Times article, construction of the five- and six-story buildings should start in January, and Amazon should move in by early 2015.

For more news and information visit Blumberg Capital Partners.

Walker & Dunlop Arranges $93M in Financing for DC Chinatown Portfolio

Walker & Dunlop, Inc. announced this week that its subsidiary, Walker & Dunlop, LLC had arranged $93 million in financing for Norman Jemal for a portfolio of four mixed-use properties in Washington, DC's Chinatown neighborhood. Walker & Dunlop Senior Vice President, Capital Markets, Sandor Biderman led the Walker & Dunlop team according to a Washington Business Journal article.

Deutsche Bank provided $55 million in permanent financing for the 119,000 square-foot building at 800 F Street NW and the 35,000 square-foot property at 425 7th Street NW. The building located on F Street contains the International Spy Museum along with nine apartments and tenants that include Varian Medical Systems, Washington Media and Ziemba Waid Public Affairs. The property at 425 7th Street is comprised of a cluster of three-story buildings with office and retail space and features restaurants, Carmine's and Luke's Lobster.

RBS Citizens provided the $38 million in interim financing for 704-718 7th Street NW and 726-738 7th Street NW/702 H Street NW, totaling more than 100,000 square feet in several buildings. Douglas Development houses its headquarters in the space.

For more news and information visit Blumberg Capital Partners.

Admiral Capital and SDM Partners Acquire 200 Ashford Center North

Admiral Capital Real Estate Fund, a joint venture with USAA Real Estate Company and Admiral Capital Group, acquired 200 Ashford Center North in Atlanta's Central Perimeter submarket in a joint venture with SDM Partners, an Atlanta-based private commercial real estate firm. While terms of the deal were not disclosed, GlobeSt.com reported that State Bank and Trust Co. provided senior-level financing. The 160,000 square foot office building was sold by a pension fund client of Bethesda-, MD-based ASB Real Estate Investments.

"We view 200 Ashford Center North as an excellent value-add opportunity in Atlanta's largest and most vibrant office submarket," said SDM Partners' Managing Principal Steven D. Martin. He added that "This transaction is another example of the Central Perimeter's ongoing attractiveness to investment capital."

"200 Ashford represents the first investment in the Atlanta market on behalf of the Admiral Fund," said David Robinson, founder of Admiral Capital Group. "We continue to expand our portfolio with high-quality value-add assets, and we look forward to further enhancing value with our partner, SDM Partners."

For more news and information visit Blumberg Capital Partners.