Studley Merging with Savills in $260M Deal

In a deal expected to close next month, New York-based Studley, the real estate brokerage company with 25 offices in the U.S., will merge with London-based Savills PLC, one of the world's largest real estate advisory firms. According to a company press release, Savills is expected to pay $260 million for Studley, renaming its U.S. operations to Savills Studley. The merged entity will have more than 500 locations worldwide.

"This is a great opportunity for us to build on our strong position in the market and benefit from being part of one of the leading global brands in the industry," said Mitchell Steir, Chairman and CEO at Studley. "We are delighted that we will have a stronger platform to continue our growth with a partner that shares our commitment to exceptional client service. Studley and our clients will benefit from being part of an international firm with the ability to capitalize on cross border opportunities in Europe and Asia."

"Studley is recognized for its exceptional tenant representation expertise and is the leading player in markets throughout the United States," said Jeremy Helsby, Group Chief Executive of Savills. The combination of Studley and Savills represents a unique opportunity which not only provides us with a significant platform for growth in the US, but also enhances our offering to clients worldwide allowing us to provide a truly global service."

For more news and information visit Blumberg Capital Partners.

Rockville Office Complex Sold for $18.25M

The two-building office complex at 1801 and 1803 Research Boulevard in Rockville, MD traded hands this week for $18.25 million. Christopher Kubler of NAI KLNB, in cooperation with C-III Realty Services, brokered the transaction between unnamed LLCs on both the buyer and seller side. According to a GlobeSt.com report, the complex was 48% leased at the time of sale.

While Rockville's average occupancy rate hovers around 85%, the partially-leased property which boasts nearly 260,000 square feet of rentable space still drew multiple bids, owing to the potential of the complex. "We believe the strong attraction to the portfolio was stimulated by the backfill opportunity that can add value to the purchase, and its ownership by a lender entity," said Kubler in a statement.

For more news and information visit Blumberg Capital Partners.

Tishman Speyer Buys NYC Development Site for $438M

Tishman Speyer announced this week that it had acquired the rights to develop a 2.85 million square foot tower in Midtown Manhattan's Hudson Yards district, purchasing two undeveloped and adjacent parcels of land on 10th Ave. between West 34th St. and West 35th St. The assembled development site, which was acquired in separate transactions, paid $438 million for the development site, according to a Wall Street Journal report. The assemblage, along with the ability to purchase additional development rights that are available to Hudson Yards district developers, offers Tishman Speyer the rare opportunity to develop and construct a 2.85 million square foot tower in the heart of Manhattan's expanded west side neighborhood and business district.

"For several decades, Tishman Speyer has been one of the world's most active ground-up developers and investors, with projects currently being constructed or in the pipeline on four continents," said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer in a statement. "We are very bullish on New York City and Hudson Yards, and found this to be the perfect time, development site and opportunity to participate in establishing Hudson Yards as the world's next great commercial district and neighborhood."

"New York needs more office space," added Rob Speyer. "There's a scarcity of large blocks of space that's going to be more pronounced in years ahead."

For more news and information visit Blumberg Capital Partners.

JV Buys Winnipeg's Tallest Office Tower

A joint venture between Harvard Developments Inc. and Greystone Managed Investments Inc. has acquired 201 Portage in Winnipeg from David, Gail and Leonard Asper, the family of the late CanWest founder Israel Asper operating as Asper Tower Inc. Terms of the deal were not disclosed, but one local source said the price tag was "probably north of $150 million."

"We are very pleased with the outcome of the sale process and wish Harvard and Greystone the best as they assume stewardship of this important asset in our downtown," the Aspers said in a statement. "We've worked hard to provide excellent tenant service and, through the development of our courtyard and video panel, to also play a meaningful role for public celebrations at Portage and Main."

"201 Portage Avenue is an iconic building on a marquis corner and we are very excited about acquiring it," added Rosanne Hill Blaisdell, Managing Director of Harvard Buildings Inc. "This transaction provides Harvard an enhanced opportunity to be an important contributor to the Winnipeg business community and to play a meaningful role in the Winnipeg Real Estate Market."

Formerly known as CanWest Global Place, the 33 story office tower is the tallest in the city and offers 510,000 square feet of Grade A office space; the transaction also included an empty lot at 416 Main Street and the adjoining parkade. Located in the city's central business district, the property was built in the late 1980s for about $40 million, and served as the headquarters of the CanWest media empire until 2011. Major tenants include RBC‐Dominion Securities, MNP and Thompson Dorfman Sweatman.

For more news and information visit Blumberg Capital Partners.

Rexford Industrial Buys 2 SoCal Properties for $24.9M

Rexford Industrial Realty, Inc., an REIT focused on owning and operating industrial properties in Southern California in-fill markets, announced this week that it had purchased two industrial properties totaling 218,768 square feet for approximately $24.9 million. The purchase was made with Rexford’s credit facility as well as $4.35 million in proceeds from the sale of another Southern California industrial property.

"We are pleased to complete the acquisition of these two single tenant industrial buildings within our primary target in-fill markets, bringing total acquisitions thus far in 2014 to more than $54 million," said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford Industrial. "Both properties are modern, highly-functional industrial facilities that are 100% leased to entrenched corporate tenants, and are expected to be immediately accretive to cash flow. In addition, the sale of the Madera office building provided capital for recycling and demonstrates our ability to execute more complex and value-add transactions. We continue to review a strong pipeline of potential opportunities within our target in-fill markets as we grow our portfolio and enhance stockholder value."

The two properties include:

- 24105 Frampton Avenue, a 47,903 square foot industrial building situated on 2.07 acres, for $3.93 million, or $84 per square foot, and

- 1700 Saturn Way, a 170,865 square foot industrial building, for $21.1 million, or $123 per square foot.

For more news and information visit Blumberg Capital Partners.

Philadelphia Navy Yard Project Breaks Ground

The $13 million joint venture project between Liberty Property Trust and Synterra Partners broke ground this week as the partners turned dirt on a fully pre-leased flex building at The Navy Yard. The 75,000 square foot building at 4000 S. 26th Street is 100% pre-leased to three international tenants that will occupy the building upon delivery this December. When complete, the 40-acre Navy Yard Commerce Center will include roughly 525,000 square feet of additional space to the western side of The Navy Yard in Philadelphia.

"We are excited to announce that prior to putting a shovel into the ground, this new building is 100% pre-leased," said Brian Cohen, Liberty Property Trust Vice President and City Manager, at the groundbreaking ceremony. "The appeal for high quality flex space centrally located in the region continues to attract new companies to The Navy Yard, in this case from as far as China, Australia and the United Kingdom. With all five flex buildings in The Navy Yard at capacity, we will continue to meet this growing demand with plans already underway for our sixth flex building."

"We are thrilled to join with our partners to break ground on this incredible new flex space at The Navy Yard," said John Grady, President of PIDC, Philadelphia's city-wide economic development corporation. "A dynamic, vibrant, and growing campus, The Navy Yard continues to attract global companies to Philadelphia. This new building will add to the variety of unique and flexible spaces that can accommodate growth and expansion. We are pleased to support these three companies' expansions, and we welcome them to The Navy Yard."

For more news and information visit Blumberg Capital Partners.

Mack-Cali Sells Wyndham HQ for $96.6M

Mack-Cali Realty Corporation, the New Jersey-based REIT, announced this week that it had sold 22 Sylvan Way in Mack-Cali Business Campus, Parsippany, New Jersey, for $96.6 million to Griffin Capital Corporation. The commercial office property is apparently the priciest office transaction so far this year in New Jersey. As part of the transaction, Griffin has assumed responsibility for approximately $7 million in future tenant improvement allowance and commission obligations. Full terms of the deal were not disclosed. Mack-Cali was represented in the transaction by Jose Cruz and Kevin O'Hearn, both of HFF.

"Due to the long-term lease with Wyndham, this was an excellent opportunity to monetize the value of this class A corporate headquarters," said Mitchell Hersh, president and chief executive officer of Mack-Cali. "The proceeds will be reinvested into more strategic growth opportunities throughout the Northeast."

The three-story, 249,400-square-foot property was originally developed in 2009 pursuant to a long-term, net lease to serve as the headquarters for Wyndham Worldwide Corporation. Wyndham extended the lease term, re-upping to 15 years, to coincide with the term on its recently completed headquarters expansion at the adjacent 14 Sylvan Way, which also was developed and is owned by Mack-Cali.

For more news and information visit Blumberg Capital Partners.

LandPlan Development Sells Lebanon Ohio Center

LandPlan Development Corporation, the Frisco, TX-based real estate development company, completed the sale of 4681 Ohio Drive, which sits at the southwest corner of Lebanon Road and Ohio Drive in Frisco, to Los Angeles-based Shayan Holdings. Terms of the deal or sale price were not disclosed for the 29,200-square-foot retail center. Jennifer Pierson and Beth Pierson of CBRE represented LandPlan in the deal, while Matt Cutter and Adam Hedgpeth of CBRE's Dallas financial consulting group performed the financial analysis on the property, according to a Dallas Business Journal article.

"Lebanon Ohio Center is an interesting asset because it is just off of Preston Road by about a block, tenants can capture the high-end Frisco shopper without paying Preston Road rental rates," said CBRE's Jennifer Pierson. The center was 90% leased at the time of sale with major tenants including CrossFit Remedy and Arts and Technology Institute.

For more news and information visit Blumberg Capital Partners.

Blumberg in the News

Blumberg Grain was featured in a WorldStage News article this month titled Blumberg Grain to invest $250m in grain storage in Nigeria. An excerpt follows:

Blumberg Grain, a global investment firm has indicated plans to invest $250 million in grain storage in Nigeria.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala who disclosed this in Washington DC at the on-going International Monetary Fund (IMF) and the World Bank Group meetings, said the firm is working with the Minister of Agriculture and had sent a team to the country.

She said, “They want to make Nigeria the hub for grain storage and cold storage in Africa for agriculture logistics, and they want to invest $250 million. They have their team, but the fact that we have the largest economy in Africa, is making them feel that this may be the place to make the hub.”

She said the World Bank and the IMF had agreed to create a Social Protection Programme to address the issue of growth and job creation for Nigeria and some other developing countries at the bottom end of the development ladder.

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

Top 7 Strategies for "Greening" Cities This Earth Day

The Building Owners and Managers Association (BOMA) International, a federation of 93 BOMA U.S. associations and 14 international affiliates, issued its "Top 7 Strategies" this week for commercial real estate professionals to help make cities green, complementing the 2014 Earth Day Green Cities Campaign. BOMA's mission is to advance a vibrant commercial real estate industry through advocacy, influence and knowledge, and has committed to helping its members and the industry as a whole improve energy management and sustainability practices.

"Commercial real estate is an important player in sustainability efforts taking place in cities across the U.S.," said BOMA International Chair Rich Greninger, CPM, managing director with Carr Properties, in a press release. "These tips offer property professionals effective operational strategies for reducing energy consumption in their own buildings, while also making 'green' a priority citywide."

Top 7 Strategies

— Get Connected. Local utility companies often offer demand response and other energy efficiency incentive programs for both residential and commercial buildings. Reach out to local utility companies to find out what incentives and programs are offered in your city and how buildings in your city can benefit.

— Make a Presentation. Does your building implement great energy management strategies? Contact your local chamber of commerce and offer to share your leadership insight with the business community in your city.

— Benchmark Energy Performance. Measuring performance is the first step toward improving performance. Benchmark your building's energy and water consumption through EPA's ENERGY STAR® Portfolio Manager benchmarking tool and encourage the rest of the buildings in your company's portfolio and throughout the city to do the same. Make it a team competition to be the city with the most benchmarked buildings.

— Support Incentive-Based Energy Legislation. In cities and states across the country there's terrific incentive-based energy legislation that make it more affordable for building owners and management firms to implement energy efficiency retrofits and upgrades. Find out if this type of legislation has passed in your city/state, and be sure to support it if it has. If it doesn't exist, lobby your elected officials to create legislation to incentivize energy efficiency.

— Host a Recycling Event. Host a community recycling day where tenants and community residents can drop off hard to recycle items such as batteries and LED light bulbs. Don't stop at your building; make it a citywide campaign.

— Teach Your Tenants Well. Your building management team is well versed in the latest energy management strategies. Terrific. But what about your tenants? Institute a Tenant Energy Awareness Program — use your company newsletter and/or building announcements to keep tenants informed about energy management goals and offer training, education and tips on low and no-cost energy efficiency strategies.

— "Green" the Commute. Fewer cars equal greener cities. Get your city on the road to green by offering bicycle storage facilities in your building(s).

For more news and information visit Blumberg Capital Partners.

Portman Holdings Buys 230 Peach Street

Portman Holdings, the Atlanta-based developer with over 60 years of experience developing over 50 million square feet of premium real estate across the world, announced this week that it had purchased the 27-story office building at 230 Peachtree Street. Portman first developed the 50 year old building in 1965 as part of the Peachtree Center mixed-use development. PCCP provided a senior loan to the Atlanta-based developer to purchase the property from Parmenter Realty Partners for an undisclosed amount.

"When I first developed the 230 Peachtree tower, I commissioned a Robert Helsmoortel sculpture for the plaza out front. It was titled 'Renaissance' to symbolize Atlanta's renewal," said John Portman, Jr., founder and chairman of Portman Holdings. "The sculpture, unfortunately, is long gone, but the 230 tower is once again set to help spark renewal in downtown Atlanta, and I could not be more proud or more pleased to be a part of it."

Portman plans to immediately begin renovating the property which, when completed in late 2015, will see a new 200-key Hotel Indigo® hotel occupy floors two through nine, with approximately 290,000 square feet of office space on floors 10 through 27. John Portman & Associates will provide architectural services for the development. The building will house the only hotel in downtown Atlanta that is directly above a MARTA station, providing access to some of the city's best attractions, convention locations, business districts and more.

For more news and information visit Blumberg Capital Partners.

Hilfiger's Raleigh Group Buys Miami's Raleigh Hotel for $56M

The Raleigh Hotel, located in the Art Deco district of Miami Beach, traded hands this week as the luxury hotel was sold for $56.6 million to The Raleigh Group, a venture formed by designer and entrepreneur Mr. Tommy Hilfiger. The 105-room, eight-story Art Deco hotel at 1775 Collins Ave. previously sold for $39.5 million to the sellers in December 2012. The Raleigh Group said in a statement it aims to build a "luxury lifestyle hospitality brand" with the support of with Mongeau Capital, the private equity arm of the Mongeau family, which owns the Avington Group merchant bank, according to a CNBC report. Formerly owned by David Edelstein and Sam Nazarian, the Miami Beach location will continue to be managed by sbe Entertainment Group.

"The Raleigh Hotel is a true Miami Beach treasure with sophistication and style, making it the perfect property for us," said Mr. Hilfiger. "The 1940's design of The Raleigh and its rich history are central to our plans to rejuvenate the property. I'm really pleased with the team I've surrounded myself with and know that we will deliver a world-class experience worthy of The Raleigh brand."

"The location and position of the Raleigh in the Miami Beach marketplace is perfect for our strategy," said Raleigh Group CEO David Pisor. "We will invest significant resources to preserve the property's unique style while embracing the local flavors and culture that help define it."

For more news and information visit Blumberg Capital Partners.

Blumberg in the News

Blumberg Grain was recently featured in Vanguard in an article titled Agric attracts $9bn investments — Adesina, which announced that Nigeria's agricultural sector attracted $9 billion investments from local and foreign business groups in the last two years. An excerpt follows:

Dr. Akinwumi Adesina, Minister of Agriculture and Rural Development, disclosed this at a chat with media executives in Abuja, on the newly established Executive Leadership of Nigerian Agribusiness Group.

"We have received a total of over $4 billion in executed Letters of Intent (LOIs) for investments by 30 private sector agribusinesses. We have established relationships with over 150 agribusinesses in Nigeria.

"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," he said.

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

Portion of Tower on Wacker Drive Sold to Taiwan Reps

The Taipei Economic and Cultural Office (TECO) in Chicago has completed the purchase of 20,315 square feet within 55 West Wacker in Chicago, IL from MB Real Estate for an undisclosed price. TECO-Chicago is overseen by the Taipei Economic and Cultural Representative Office in the US and serves Taiwanese citizens in the Midwestern US and represents the interests of the Republic of China, also known as Taiwan, according to a GlobeSt.com report. Building ownership was represented by Kevin Purcell, the chief operating officer and executive vice president; Mark Buth, executive vice president and managing director of leasing; and Walter Hennig, senior vice president for asset management of MB Real Estate. TECO-Chicago was represented by Lisa Davidson and James Stein of Studley.

Built in 1968 and designed by C.F. Murphy Associates, the 15-story, 209,000 RSF class B office property at 55 West Wacker features 14,250-square-foot floor plates which users can lease or own. TECO-Chicago purchased the entirety of the 13th floor and a portion of the 12th floor to be used as its new Midwestern location, which will allow the company to relocate employees from its current offices within Two Prudential Plaza at 180 N. Stetson in Chicago this spring.

For more news and information visit Blumberg Capital Partners.

Avison Q1 Analysis Shows Manhattan Rates Soaring

Avison Young, the Toronto-based commercial real estate services firm, released its first quarter 2014 New York office market analysis, which shows that Manhattan office leasing is on pace to exceed the record levels achieved in 2013. According to the company's research, demand for class A office space has boosted rents in the market by an average of $5 per square foot. Avison Young's analysis shows healthy growth consistent with the recovering job market, as 18 deals were inked during the first quarter with starting rents in excess of $100 per square foot, compared with only 13 such deals during the same period a year ago.

"As the unemployment rate in New York City continued to drop during the first quarter, reaching 7.8%, we are seeing continuous demand for high-quality office space in the borough, particularly from the growing technology and media industries," said Arthur Mirante, Avison Young Principal and Tri-State President, in a company statement. "With new leases accounting for seven of the top 10 transactions during the quarter, Manhattan has shown encouraging signs of growth from a diverse group of new market players, and we've seen the immediate effect on asking rents."

"Tenants searching for space in Midtown South are faced with significantly fewer options than even a few months ago," said Avison Young Principal John Ryan. "Large deals completed in the area during the first quarter have solidified the district's position as the tightest submarket in Manhattan."

For more news and information visit Blumberg Capital Partners.

Kimco Buys Out Kimco Income Fund I Partners

Kimco Realty Corp. announced this week that it had acquired the remaining 60.9% interest in the Kimco Income Fund I portfolio from its joint venture partners. The REIT has previously purchased interest in the fund from its partners, gaining an additional 9.7% last June; this latest purchase gives the company complete ownership of the 12-property portfolio. The remaining 60.9% was acquired for a gross price of $408.0 million, including the assumption of $38.2 million in mortgage debt. Kimco Realty will also repay $118.9 million of mortgage debt encumbering nine of the properties.

Real Estate Alert, which in December said the fund was marketing the portfolio for sale but noted that Kimco itself might be the buyer, reported that five of the centers are in Maryland. They include the 140,000-square-foot Enchanted Forest Shopping Center in Ellicott City; the 135,000-square-foot Wilkens Beltway Plaza in the Baltimore suburb of Catonsville; the 113,000-square-foot Shoppes at Easton in Easton; the 88,000-square-foot Radcliffe Center in Towson; and the 65,000-square-foot Perry Hall Centre in Perry Hall. The two other Mid-Atlantic centers are the 166,000-square-foot Brandywine Commons 2 in Wilmington, DE and the 133,000-square-foot Burke Town Plaza in Burke, VA.

For more news and information visit Blumberg Capital Partners.

Mark IV Capital Plans Round Rock's First Class A Office Building

Mark IV Capital tentatively plans to break ground on Round Rock, Texas' first Class A office space, which will be the second building at The Summit at La Frontera office park. Mark IV Capital, which plans to begin construction this summer, purchased the land for the new building plus the adjacent Summit I office building in October 2013 from a partnership of Moore & Associates Inc. in Austin and CenterSquare Investment Management in Plymouth Meeting, Penn. The 87,000-square-foot Summit I is a Class B property built in 2001, and is almost 9% occupied with tenants including Broadcom Corp., HDR Engineering, Prime Lending and SmartNote. Don Quick & Associates are the listed leasing agents for both properties.

"We are targeting a large user requiring 15,000 to 20,000 square feet or more of Class A office space in Central Texas for Summit II," said Robert Shore of Don Quick and Associates Inc. "We are already working with several companies who are looking to enter the greater Austin area and require this type of office space."

"Round Rock is a magnet for attracting businesses due to progressive city leaders and a pro-business climate," said Justin Basie, asset manager for Mark IV Capital.

For more news and information visit Blumberg Capital Partners.

Miami's Courvoisier Centre Sold for $145.8M

Parkway Properties, Inc. announced this week that it had purchased Courvoisier Centre in Miami, Florida for $145.8 million, or $422 per square foot, from Tishman Speyer. Parkway handled the transaction in house, while Tishman was represented by Jones Lang LaSalle in the deal. Parkway funded its acquisition in-part with available cash on hand and borrowings under its new seven-year, unsecured credit facility, according to a CoStar report. In connection with the financing, Parkway took the full amount of its $100 million loan, while simultaneously paying in full the first mortgage debt secured by the firm's Bank of America Center in Orlando, FL, which had an outstanding balance of $34.2 million including breakage costs.

"The acquisition of Courvoisier Centre supports our strategy of acquiring best-in-class assets within the strongest submarkets across the Sunbelt. The buildings' high-end amenity base, along with available parking infrastructure and water views, makes Courvoisier Centre a highly desirable asset," said James Heistand, Parkway Properties' President and Chief Executive Officer. "Further, a heavy emphasis on multifamily development within the Brickell submarket has limited the amount of available supply of Class A office assets, which has enabled Brickell to achieve the highest rental rates in Miami."

The Courvoisier Centre is a two-building office complex with an adjacent five-story parking garage, located on Brickell Key Island in Biscayne Bay, 400 feet off the coast of Downtown Miami. The seven-story Courvoisier Centre I was completed in 1986, and the 12-story Courvoisier Centre II and parking garage and retail were completed in 1990. The property totals 330,000 rentable square feet, including the adjacent five-story parking garage. The properties were 83.4% leased at the time of sale with major tenants including Young & Rubicam, Sony Pictures, CNN, WWE, MGM, Live Nation, Swire Properties, and Medina Capital.

For more news and information visit Blumberg Capital Partners.

China Construction Buys Plaza Construction

Plaza Construction, a construction management and general contracting firm, was sold for an undisclosed price to China Construction America, a subsidiary of China State Construction Engineering Corp., one of the largest builders in China. Paul Hastings LLP advised Steven Fisher and other family members of real estate firm Fisher Brothers in the sale, which originally founded Plaza Construction to provide construction management and general contracting on Fisher Brothers projects. According to a press release, Plaza will continue to operate autonomously under the name Plaza Construction.

"Our firm has always maintained a very 'hands-on' approach to working with our clients and managing world class construction projects for nearly 30 years," said Richard Wood, Plaza Construction CEO. "With the recent acquisition, Plaza is poised for accelerated growth with enhanced resources and bonding and procurement capabilities."

In addition to the purchase of Plaza Construction, China Construction America is also building a $3.4 billion casino and resort in the Bahamas, and has a number of significant contracts in Abu Dhabi, 100 miles down the road from Dubai in the U.A.E.

For more news and information visit Blumberg Capital Partners.

Griffin Towers in Santa Ana Sold for $129M

An affiliate of Blackstone, the global investment and advisory firm, completed the purchase of the Griffin Towers in Santa Ana, California for $129 million, making it the largest commercial office transaction to take place in Orange County this year. A joint venture between Lincoln Property Company and Angelo, Gordon & Co. sold the property with representation from CBRE while Blackstone represented itself. Terms of the deal were not disclosed.

"Our acquisition and subsequent sale of the Griffin Towers is representative of Lincoln's value-add strategy as an owner, operator and manager of Class-A office space across Southern California," said Kevin Hayes, Senior Vice President at Lincoln Property Company. "We identified a trophy asset in financial distress, invested energy and capital into alleviating deferred maintenance, and took a hands-on approach to improving occupancy in a challenging leasing environment."

The twin 12-story office buildings at 5 and 6 Hutton Centre Drive was previously purchased by the Lincoln-led JV in 2010, which then made thorough upgrades to the common areas, improving the occupancy rate from 71% to 88%. The buildings' largest tenants include Corinthian Colleges, one of the largest post-secondary education companies in North America; CH2M Hill; Ultimate Software; and Premier Business Centers.

For more news and information visit Blumberg Capital Partners.

WP Carey Picks Up QBE Holdings Building for $43M

W. P. Carey Inc., the New York-based net-lease REIT, announced this week that it had purchased 2700 Frye Road in Chandler, Arizona for approximately $43 million. The Class A office building was sold by Regent Properties of Los Angeles; terms of the deal were not disclosed. Neil Glassmoyer, senior vice president; Tivon Moffitt, vice president; and Peter Bauman, senior associate; all of Colliers International in Greater Phoenix, served as brokers for the buyer and seller.

"This acquisition represented an opportunity to secure a well-located new Class-A office facility leased to a credit tenant on a site that also offers the possibility for additional development," said W. P. Carey Managing Director and Co-Head of Global Investments, Gino Sabatini. "Located in the Price Road Corridor, one of the most desirable areas of the Phoenix submarket, the investment provides attractive current cash flow."

Regent Properties completed the building’s construction after purchasing the property in 2011 and then fully leased the building shortly thereafter. QBE FIRST, part of QBE Insurance Group Limited, signed an 11-year lease at the property in 2012 providing them with a significant QBE FIRST call center operating as its West Coast regional headquarters.

For more news and information visit Blumberg Capital Partners.

Watson Realty Acquires Sanford Industrial Property

Watson Realty Associates has purchased a 341,250 square foot industrial building in Sanford, North Carolina for an undisclosed price. Binswanger, an international full-service real estate organization, handled the transaction; terms of the deal were not disclosed.

Located at 541 Harvey Faulk Road in Sanford, the industrial property sits on 23.13 acres located just west of Highway 87 at the southern terminus of the Highway 421 bypass. The building was constructed in 1989 and features roughly 10,000 square feet of office space, a reinforced concrete floor, an insulated metal roof, and paved and marked parking for several hundred vehicles.

For more news and information visit Blumberg Capital Partners.