KBS Purchasing North Dallas Office Buildings for $269M

KBS Realty Advisors confirmed this week that it is purchasing two choice North Dallas office projects containing more than 700,000 square feet of office space. According to a Dallas Business Journal article, KBS Real Estate Investment Trust III Inc. plans to buy the portfolio for about $268.8 million, including two Preston Center office properties in Dallas. Through wholly-owned subsidiaries, KBS plans to purchase Preston Commons, a three-building office property from 8111-8117 Preston Road, totaling 427,799 square feet of office space on about 6.3 acres of land in Preston Center. KBS also plans to buy Sterling Plaza, a 313,609-square-foot office property at 5949 Sherry Lane in Preston Center.

A KBS representative told The Dallas Morning News that it will purchase the buildings “with proceeds from a mortgage loan from an unaffiliated lender and proceeds from its ongoing initial public offering. The company is currently negotiating the terms of the mortgage loan.” The buildings are part of a big nationwide property package that was recently put up for sale by CBRE Global Investors.

For more news and information visit Blumberg Capital Partners.

NFL Expands California Office Space

The NFL has signed agreements to extend and expand their lease with Hudson Pacific Properties for the 10900 and 10950 Washington properties in Southern California. NFL Media, currently the major tenant and both locations, will expand its occupancy by over 22,000 square feet effective this July. The agreement extends the company's lease through the middle of July 2017.

"As the owner and operator of premier office and studio properties in California, Hudson Pacific Properties has considerable experience tailoring our property operations to meet the specific needs of media companies such as NFL Media. This extension of our lease with NFL Media exemplifies our strength in operating best-in-class office properties, with a strong media and entertainment tenancy," said Victor Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties.

The NFL currently occupied office space and two sound stages used exclusively to broadcast the NFL Network, NFL.com and NFL Mobile. Located in one of West Los Angeles' premier entertainment business districts, the 10950 and 10900 Washington properties total 168,943 square feet on 5.5 acres. 10950 Washington consists of an 86,987-square-foot, three-story office building and a 71,886 square foot building containing office space, two sound stages and a café.

For more news and information visit Blumberg Capital Partners.

Digital Realty Acquires Austin Portfolio for $31.9M

Digital Realty Trust, a provider of data center solutions, announced this week that it had purchased a six-building portfolio in Austin, Texas for $31.9 million, according to a San Francisco Business Times article. The portfolio consists of operating data centers and flex office space totaling over 337,000 square feet of space at the MetCenter Business Park. The six buildings are located adjacent to Digital Realty's data center at 7500 Metro Center Drive, approximately five miles southeast of the Austin central business district, and nearby Austin-Bergstrom International Airport.

"The acquisition of this portfolio achieves several key objectives for us," said Scott Peterson, Chief Acquisitions Officer at Digital Realty. "It expands our existing data center footprint in the Austin market, while providing stable cash flow immediately at an attractive going-in cap rate. Second, it provides near-term opportunity to add value by lease existing vacant space. And third, it offers the option to convert a portion of the property to data center space over the longer term as leases expire."

Two of the six buildings, totaling approximately 100,000 net rentable square feet, are operating data centers that are 100% leased to three tenants. The remaining four properties consist of flex office space.

For more news and information visit Blumberg Capital Partners.

JV Sells Irvine Spectrum HQ Facility

A joint venture between CT Realty Investors and Artemis Real Estate Partners Fund I announced this week that it had sold the 123,000 square-foot corporate headquarters building at 6 Whatney in Irvine, California for $11.8 million. An unnamed buyer, an owner/user, was represented by Ryan Swanson and Phil Cohen with the Lee & Associates Irvine office. The CT Realty/Artemis joint venture represented itself. Wells Fargo provided the financing.

"This Irvine Spectrum property represented an attractive investment valued below replacement cost in keeping with our risk-adjusted investment strategy," said Carter Ewing, managing partner of CT Realty Investors. "As the South Orange County industrial market improved, the opportunity to dispose of the asset immediately following the acquisition led to exceeding our exit value in only three months of owning the property."

In December 2012, the CT Realty/Artemis joint venture acquired the facility, with plans to renovate the facility through a capital improvement campaign and then market it as a corporate headquarters. However, immediately following the acquisition, the CT Realty/Artemis joint venture sold the industrial property after only three months of owning the property.

For more news and information visit Blumberg Capital Partners.

New $600M Development in Tempe for State Farm HQ

The City of Tempe announced this week that Ryan Companies US, Inc. and Sunbelt Holdings will develop a site owned by ASU adjacent to Tempe Town Lake, subject to City Council approval of development agreement details in the coming month. State Farm will lease office space and anchor the estimated $600 million multi-use development. The campus leased by State Farm will become a hub to include a combination of new hires and existing employees providing claims, service, and sales support to State Farm customers, according to a CoStar report.

"This is a proud day for Tempe and everyone involved. We are tremendously excited about what the addition of State Farm will mean to our community over the decades to come," said Tempe Mayor Mark Mitchell. "These employees, buildings, and amenities will further contribute to and showcase the vibrancy of Tempe Town Lake, Mill Avenue, and Arizona State University, and serve as a catalyst for more high-quality development."

"State Farm selected Tempe because it has a growing population with skill sets that match our customers' needs," said Mary Crego, Senior Vice President, State Farm. "The site along Tempe Town Lake gives our employees access to nearby amenities as well as easy connections to public transportation."

The complex is being developed by Ryan Companies US, Inc. and Sunbelt Holdings. Tempe-based architectural firm DAVIS designed the project.

For more news and information visit Blumberg Capital Partners.

RGA Breaks Ground on New St. Louis HQ

Reinsurance Group of America, Incorporated ( RGA), one of the largest global providers of life reinsurance, broke ground this week on its new global headquarters in Chesterfield, Missouri. When completed in 2014, RGA's new 405,000-square-foot complex will contain two five-story office towers, each equal in size and linked by a two-story atrium lobby. According to a KSDK report, RGA has been based in the St. Louis area since 1973.

"Breaking ground on our new global headquarters is a great way to celebrate RGA's 40th anniversary. Even with our entire St. Louis workforce in the new building, it will still have room for a significant number of additional associates to satisfy our planned growth," said Greig Woodring, President and Chief Executive Officer of RGA. "We are very happy to make this commitment to Chesterfield and the St. Louis area," he said.

St. Louis County Executive Charlie Dooley said, "I am proud to partner with RGA and help them grow in St. Louis. I see great things ahead for this company. Honestly, one of the best parts of my job is helping tell stories of people doing good work and helping shape our region for generations to come."

"This is a world leader," Gov. Jay Nixon told the Missouri Times after the ceremony. "When you get a world leader like RGA, which has grown up here in the Show Me State, that could literally put this building and this headquarters anywhere in the world and in a very competitive atmosphere they choose Missouri, and make a $140 million investment that would add hundreds of jobs to this world leader, it's a solid sign why Missouri is a great place to do business."

For more news and information visit Blumberg Capital Partners.

Bixby Sells Silicon Valley Office Campus to AEW Capital

3111-3141 Coronado Drive Associates, LLC, a joint venture between Bixby Land Company and JP Morgan, announced this week that it had sold an office campus in Santa Clara, California to AEW Capital Management at an undisclosed price. Terms of the deal were not disclosed, though AEW did indicate that both buyer and seller were self-represented in the transaction. AEW acquired the two building campus on behalf of one of its institutional clients.

"This is an opportune time to realize our investment objective following the successful renovation and leasing of the project, said Bill Halford, president and CEO of Bixby Land Company, in a statement. "We set out to create a compelling work environment with the image and high quality amenities sought by today’s companies."

The campus at 3111-3141 Coronado Drive was renovated in 2012, a contemporary redesign that garnered the 2012 Structures Award as Best Reuse/Rehab Project in Silicon Valley by Silicon Valley Business Journal. The 127,000 square-foot campus is 100% leased to Santa Clara-based Infoblox, an eight-year, $25 million deal signed last June.

For more news and information visit Blumberg Capital Partners.

Cole Picks Up Hillshire HQ in Chicago

Cole Real Estate Investments announced this week that it had acquired the headquarters for The Hillshire Brands Company in Chicago for $97.5 million. The sale of the 230,000-square-foot building at 400 S. Jefferson Street is the highest price per square foot for a Chicago office building since the beginning of 2012 according to a Crain's Chicago Business article. Terms of the deal and representatives of the entities in the transaction were not disclosed.

"The Cole philosophy for single-tenant acquisitions remains consistent: we look for high-quality, income producing commercial real estate in strong markets, leased to creditworthy tenants under long-term leases," Boyd Messmann, Cole's senior vice president of office and industrial acquisitions, told Commercial Property Executive. "The Hillshire Farms headquarters property fits our criteria."

Sterling Bay Companies reportedly bought the empty 233,869-sq.-ft. building in 2012 for $10 million, and spent about $50 million to build-out the property for the Sara Lee spinoff firm. All of the infrastructure and building components were completely redone with Hillshire's build-out of the property, and windows were added on all four exposures, expanding the amount of natural light.

"The risk on a 230,000-square-foot building is not that great, but they hit a home run," said J. Paul Beitler, a veteran developer of Chicago office towers who is not involved in the deal. "This one happened to work out extremely well. For every one of these there are 10 that don't. My hat's off to them. They had a vision that no one else had, they executed on their vision, and they absolutely hit a home run. Their investors are going to make a lot of money."

For more news and information visit Blumberg Capital Partners.

Rolls-Royce Meridian Center Sold for $79.1M

American Realty Capital Trust IV has purchased a high-profile downtown Indianapolis building, formerly occupied and owned by Eli Lilly and Co., for a reported 79.1 million. A Lilly spokesman acknowledged the sale closed May 9, but declined to divulge the price or the buyer, saying only that a real estate investment firm acquired Rolls-Royce Meridian Center, formerly known as the Faris Campus, on South Meridian Street, according to an Indianapolis Business Journal article. CoStar Group reported that the property at 450-525 S. Meridian Street sold for $79.1 million, or about $186 per square foot, exclusive of closing costs.

The three-building, 425,786-square-foot portfolio includes the four-story Brougher Building constructed in 1908 and renovated in 2001, a six-story building completed in 2002, and a seven-story office built in 2000, and a parking garage. The properties are located on almost eight acres in the Indianapolis CBD, west of Meridian Street between Merrill and South Streets. The entire complex is occupied by Rolls Royce Corp., an aircraft engine maker, which announced in March 2011 that it would lease the property from Lilly. Rolls-Royce invested about $20 million to modernize and occupy the once-vacant building.

For more news and information visit Blumberg Capital Partners.

JV Completes $121 Million Acquisition of Princeton Pike Corporate Center

A joint venture between Prism Capital Partners and Angelo, Gordon & Co. has completed the acquisition of Princeton Pile Corporate Center in Lawrenceville, New Jersey for $121 million, or $151 per square foot. Brandywine Realty Trust sold the 800,000 square foot complex; terms of the deal were not disclosed.

"This was a strategic acquisition and an expansion from northern New Jersey into the Princeton marketplace," said Eugene Diaz, principal of the Bloomfield, N.J.-based Prism Capital Partners. "Princeton Pike is a high quality set of assets in a cohesive office park environment, one that also offers future development opportunities on approved land. We are also very familiar with the asset, dating back to a relationship with the original developer, DKM, so this acquisition made complete sense."

The eight-building complex was approximately 90% leased at the time of sale. Situated on 100 acres at the intersection of U.S. Route 1 and I-195 and completed between 1984 and 1990, Princeton Pike Corporate Center is just minutes from downtown Princeton. Prism is handling the leasing of Princeton Pike Corporate Center. "This is a strategically located class A asset with access from all major corridors leading to and from the Princeton area," said Edwin Cohen, principal of Prism. "We anticipate a great deal of interest in the property's remaining availabilities."

For more news and information visit Blumberg Capital Partners.

Kaneohe Ranch Portfolio Comes to Market

The Harold K.L. Castle Foundation and Kaneohe Ranch Co. LLC have put the entire Kaneohe Ranch commercial real estate portfolio, which includes the town center in Kailua in Windward Oahu, on the market with Eastdil Secured. According to a Pacific Business News report, the possible sale of Kaneohe Ranch could easily top $1 billion and is similar to what happened when General Growth Properties Inc., the owner of Ala Moana Center, closed on a deal in 2002 to acquire Victoria Ward Ltd. for $250 million.

The properties are reportedly being marketed in their entirety or as two geographic sub-portfolios, the price of which is not currently available. Many of the existing commercial properties in Kailua were developed as leasehold interests 40 to 50 years ago, and several of the long-term ground leases "have either expired or will be expiring by the end of this decade, providing ownership with the opportunity to continue to upgrade and reposition downtown Kailua," the listing said.

The Hawaii portfolio also includes the land beneath the Windward City Shopping Center and Servco Windward Toyota in Kaneohe, and three properties in Honolulu. The Kailua town center includes a mix of fee-simple and leased properties whose tenants include Whole Foods Market, Foodland, Safeway, Times Supermarket, Longs Drugs, Macy's and California Pizza Kitchen.

The Mainland portfolio includes five leased fee land interests, three single-tenant retail and office assets and one multifamily asset located in San Francisco, Seattle, Miami, Dallas, Phoenix and Portland, Oregon. Tenants in those properties include Lowe's in San Jose, California, a Kohl's department store in Phoenix, the Miami Marriott Biscayne Bay and the U.S. government.

For more news and information visit Blumberg Capital Partners.

Winoker Brokers Five Office Deals

Winoker Realty Company, a privately held second-generation commercial real estate firm, brokered five office leases in Manhattan totaling more than 26,000 square feet. The leases are spread over four properties in Midtown and Midtown South. The leases include:

159 West 25th Street: 7,500 square feet leased on the fourth floor to Journelle Inc. Howard Epstein of Winoker represented the tenant in the 10-year term lease, while the landlord represented itself.

570 Lexington Avenue: 7,465 square feet leased to Rodman & Co. Corey Abdo of Winoker represented the landlord, while Keith Cody of CBRE represented the former tenant Volvo.

276 Fifth Avenue: two 4,340 square foot office suites leased to Ocean & Coastal Engineering P.C. Elliot Klein of Winoker represented the landlord, while the tenant was represented by Dan Chillemi of City Commercial Real Estate.

381 Fifth Avenue: 2,500 square feet leased for 10 years to Urban Angler. The landlord was represented by Klein, while Urban Angler was represented by Newmark Grubb Knight Frank’s Barbara Craig.

For more news and information visit Blumberg Capital Partners.

Mayor Emanuel Announces $1.1B for Elevate Chicago Project

Mayor Rahm Emanuel, the Metropolitan Pier and Exposition Authority and Navy Pier announced plans this week for Elevate Chicago, a tourism and tradeshow infrastructure redevelopment program that would create a McCormick Place entertainment district and the redevelop Navy Pier. According to the Mayor's office, the project will bring to bear nearly $640 million in new investments, which will combine with $470 million of recently announced investments will become a $1.1 billion program that will create 10,000 construction jobs, 3,700 permanent jobs, and hundreds of millions of dollars in economic growth annually.

"Establishing the McCormick Place entertainment district along with the redevelopment of Navy Pier is a vital step in tapping the full potential of the city," said Emanuel in the statement. "These projects represent a major economic engine for Chicago, injecting millions of dollars into our local economy and creating thousands of construction and fulltime jobs."

"Elevate Chicago" includes the development of two hotels, restaurants and entertainment venues surrounding the convention center; the long-awaited launch of a redesign at the Navy Pier lakefront entertainment complex; and reconfiguration of a congested section of the lakefront bike path from just south of the Chicago River north to Oak Street beach — a project known as the Navy Pier Flyover, according to a Chicago Tribune report.

"We are focused intensely on becoming and remaining the world's leading convention and trade show destination. To do this, we must have not only a state-of-the-art convention facilities, we also need this assembly hall and events center," said Jim Reilly, CEO of McCormick Place. "Most of our competitors have events centers, which allows them to attract a range of shows and conventions that are more difficult for us to attract with competitive pricing. We are fortunate to have a private partner in this venture to share construction and operations costs."

"We are taking what is good and making it great," said Marilynn Gardner, president and CEO of Navy Pier Inc. "We have a unique opportunity to create one of the world's signature attractions, one that, like Millennium Park, bridges elevated, contemporary design with popular appeal."

Click here to view a WGN-TV report on the announcement. For more news and information visit Blumberg Capital Partners.

The Canyon in Oak Cliff Breaks Ground This Week

Stratford Land, a Dallas-based land investment manager, is breaking ground this week on a 211-acre mixed-used development five miles west of downtown Dallas. Plans for The Canyon in Oak Cliff, a 211-acre project, include up to 7,500 residential units, 1,000 hotel rooms, 1.2 million square feet of office space and 800,000 square feet of retail space, according to a Dallas Business Journal article. Frank Mihalopoulos, who is handling retail development for Stratford, announced agreements to build a Marriott hotel and a Denny's restaurant. He said inquiries from retailers have been brisk and efforts to land a grocery store continue.

"You see a piece of land and you know what it ought to be," said Steve Sanders, a senior investment manager for Stratford Land, owner of the property. "This is something that could be pretty spectacular." Stratford bought the Canyon site from 25 owners during the past five years. The property was part of the 19th-century La Reunion colony, City Council member Scott Griggs said. In later years, portions of it included a rock quarry and dairy.

For more news and information visit Blumberg Capital Partners.

One WTC Construction Complete as Tallest Building in the Western Hemisphere

Towering 1,776 feet above the ground, in honor of the year that began the American revolution against British rule and what is considered the start of the modern United States, New York's One World Trade Center met the end of its construction as a tall, heavy spire was hoisted into place today. Installation of the final two sections of the 408-foot, 758-ton spire was completed after pieces of it had been transported to the roof of the building last week. It will serve as a world-class broadcast antenna. The spire makes the building the tallest building in the Western Hemisphere, 47 feet taller than Chicago's Willis Tower, though it is substantially shorter than towers in the Middle East and Asia.

"It's a culmination of a tremendous amount of team work ... rebuilding the New York City skyline once again," said Juan Estevez, a project manager for Tishman Construction, from a temporary platform on the roof of the tower where he and other workers watched the milestone.

"It's going to have a light that you can see from tens of miles away," said Port Authority Vice Chairman Scott Rechler. "And that light will change colors and in the next few months we are going to be activating that light, and it will be a beacon of hope just like the Statue of Liberty."

9/11 Memorial President Joe Daniels watched the spire piece rise Thursday morning from the memorial's office windows overlooking the World Trade Center site. "It's a big milestone in the history of the rebirth of the site," Daniels told NBC News. "This renewal of spirit, to see spring here and this beautiful weather, the memorial fountains and the flag on the spire piece going up. It was one of those things that you won't forget."

For more news and information visit Blumberg Capital Partners.

Greystone Acquires Brooklyn Development Properties

Greystone, a New York-based real estate development and financial services company, announced this week that it had acquired development properties with a projected value of over $50 million. The terms of the deal for the two development properties in Brooklyn, New York were not disclosed, but Greystone did announce that the transactions were closed by the Greystone Property Development team, overseen by Douglas Benach.

"We believe in the incredible growth occurring throughout Brooklyn as it becomes one of the premier housing destinations in the region," said Jeffrey Simpson, Director in Greystone's Property Development business. "The buildings will be developed to provide great New York City quality living, while maintaining and celebrating Brooklyn's unique and vibrant past."

The properties include 137-43 North 10th Street in Williamsburg and 47-51 Bridge Street in Dumbo, Brooklyn. The 10th Street building, purchased from Brooklyn developer Rabsky Development, is a five-story, 30,000 square foot loft conversion that Greystone pans to convert to a 36-unit multifamily property. The property on Bridge street is a vacant development site that will be transformed into a 27-unit rental project.

For more news and information visit Blumberg Capital Partners.

Designs Released for $90M Westdale Redevelopment in IA

Frew Development Group, LLC, the project developer and property manager of Westdale Mall in Cedar Rapids, Iowa, released plans today for a $90 million redevelopment of the complex. Frew is undertaking a redevelopment of the 34-year-old property, creating a town center that would offer housing, office, entertainment, retail, hotel, green space and connecting trails. The Westdale project design team, comprised of Shive-Hattery Engineers and Architects of Cedar Rapids, Iowa, and SEM Architects of Denver, Colorado, prepared the Master Plan and related visioning documents.

"We are pleased with the collective effort of our development team and the city staff to produce a vision that revitalizes this civic treasure," said John Frew, President/CEO of Frew Development Group. "We are on track for consideration by the city council of our Master Plan and all related documents necessary for us to begin construction this summer."

The plans will go before Cedar Rapids City Council next week. If approved, developers hope to start construction in July, said Lisa Rowe, who was appointed the mall’s general manager just this week. The project has a 10-year timeline, but Rowe said project leaders plan to have the majority of the redevelopment complete in five years by being "as aggressive as possible."

For more news and information visit Blumberg Capital Partners.

South Beach's Lincoln Place Sold for $66M

In a deal expected to close during the third quarter of 2013, Parkway Properties announced this week that it had entered into a purchase and sale agreement for Lincoln Place in Miami, Florida. Parkway is purchasing the 140,000 square foot office and retail building for approximately $66 million, or $472 per square foot. The building at 1601 Washington Ave. is being sold by 16th Street Partners, which is managed by LNR, according to a South Florida Business Journal article.

James Heistand, Parkway Properties' President and Chief Executive Officer, said, "We are excited for the opportunity to expand into the South Florida area. We believe this market is in the early stages of a recovery and has the potential to improve quickly given the diversity and vibrancy of its economy. Additionally, the South Beach submarket is highly land constrained and boasts a current vacancy rate of only 8.7%. Lincoln Place is a high-quality, core asset located one block away from the world-class retail destination of Lincoln Road. We hope to continue our expansion in the South Florida area with a similar blend of core, core-plus and value-add investments as we have done recently in several of our other markets."

Built in 2002, Lincoln Place is an 8-story mixed used building in the heart of the South Beach Historic District. The building is fully leased to LNR Corp., which has its headquarters there in a deal that runs through June 2021.

For more news and information visit Blumberg Capital Partners.

Investor Group Buys Travelers Tower I and II in Detroit

In a deal brokered by Newmark Grubb Knight Frank Capital Markets, the Travelers Tower I & II buildings in Southfield, the Detroit metro area's largest office submarket, traded hands this month for an undisclosed sum. An investor group led by Time Equities Inc. of New York purchased the 790,000-square foot, Class A office complex from an affiliate of Lehman Brothers Holdings Inc. after winning out over a number of competing bidders. Larry Emmons, Patrick Shannon, Daniel Canvasser and Fred Liesveld from Newmark Grubb Knight Frank marketed the property.

"This is a gateway event signaling that out-of-town capital is once again interested in Detroit," said Larry Emmons, a senior managing director in Newmark Grubb Knight Frank's Capital Markets Group in Detroit. "We took the buildings to market right around Thanksgiving, and received nine offers within weeks."

"The Travelers towers acquisition is a great opportunity for us to expand our presence in the submarkets of Michigan. We have experience working with office properties like this one in multiple markets across the nation and know we are in a position to add value and stabilize the property," said Francis Greenburger, chairman of Time Equities Inc. "We plan to make improvements as necessary to preserve the long term usefulness of the property and maintain its Class A office status."

According to a Crain's Detroit Business article, the new owners have plans for $10 million in improvements to the properties. Chief tenants in Travelers Tower I, built in 1973 at 26555 Evergreen Road, include automotive firm Faurecia and Fox Sports. In Tower II, at 26533 Evergreen Road, major tenants include the corporate headquarters of R.L. Polk & Co., and Action Benefits.

For more news and information visit Blumberg Capital Partners.

Blumberg In The News

Philip Blumberg was recently interviewed by Amwal Al Ghad, a monthly issued magazine that covers all news about economy, Banks, investments, stock market, and all other related financial sectors in Egypt. An excerpt from the article follows:

Amwal Al Ghad En: What is the company's vision over the real estate sector in Egypt even the challenges it facing amid the political turmoil? In addition, what are the market's current demands?

Blumberg: First, my expectations in Egypt it will attract investments as soon as possible because investments in real estate travel very quickly. Secondly, the affordable houses are important and much needed in Egypt, which also the Egyptian government can assist. The housing sector should support the PPP system.

We think there are opportunities in the office-building sector that we can reposition them from the C to A class.

We look to the region of Egypt as it has more jobs; it is a promising market for exports and manufacture, more and above it is the great real estate residential sector for affordable houses.

The companies will not come if they will not see stabilization in Egypt. Therefore, we are looking now for US government support for Egypt

John Kerry, US Secretary of State, has allocated $250 million for Egypt; it will be released as soon as the IMF discussion is over, for the Egyptian government's projects. We believe they go to the infrastructure and job creation to help people.

There is another $ 750 million but the US government is waiting that how the Egyptian government could utilize the $250 million.

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

Blumberg Grain in the News

Philip Blumberg and Blumberg Grain were recently featured in an Africa Agriculture Business article titled "Blumberg Grain: Bringing Opportunities to Africa’s Agriculture Market," in which the advantages of the Blumberg Grain storage system are explored, as well as the future of agriculture in Africa. An excerpt follows:

Recently Africa Agribusiness Magazine had the pleasure of speaking with Philip Blumberg, Chairman and CEO of Blumberg Capital, to discuss how their agriculture initiative, Blumberg Grain, can provide innovative solutions to Africa.

Blumberg provides countries and companies with state of the art and comprehensive storage units for post harvest food safety and security. Mass produced in the United States, the lightweight, scalable warehouses use one-third the steel of conventional warehouses, making them the most cost effective storage facilities in todays market. However, the simple design does not hinder the structures expected lifespans, which is estimated at 25-50 years.

Furthermore, each self-contained facility can be customized for farmers needs. "Despite their simple design, these warehouses are quite sophisticated. Its what we can do inside that makes all the difference," said Philip Blumberg.

By design, Blumberg warehouses can be divided for multiple products, and each area can have its own sophisticated temperature, insulation and humidity controls. To operate the facilities, countries may choose from generator, solar or wind power. Whats more, Blumberg structures are designed to work in rural areas, close to the farmers and their crops, so that harvested crops are stored as quickly as possible. The units also serve as large distribution and collection facilities.

After the modules are shipped to the host country, assembly begins. One key advantage is that these warehouse buildings can be installed and working in as little as 3 days. Blumberg works directly to train the local workforce to assemble and run the facilities. "We are committed to hiring the majority of employees from the local job market," says Mr. Blumberg.

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