American Realty Selling Cole Capital for $700M

American Realty Capital announced this week that it is selling Cole Capital, the private capital business of American Realty Capital Properties (ARCP), to RCS Capital Corp. (RCAP) for at least $700 million. As part of the agreement, American Realty will act as an adviser to Cole Capital’s non-traded real estate investment trust, sharing fees with RCS Capital, according to a Bloomberg report. As part of the transaction, ARCP will also be entitled to an earn-out of up to an additional $130 million based upon Cole Capital's 2015 EBITDA. The companies have also entered into a strategic arrangement by which ARCP will act as sub-advisor to Cole Capital's non-traded real estate investment trusts and acquire and property manage net lease real estate assets.

"The acquisition of Cole Capital is strategically and financially important to RCAP," said Michael Weil, RCAP's Chief Executive Officer. "We believe the combination of the two companies will achieve several significant strategic objectives in a single transaction, including growing our outstanding wholesale team's management and field ranks and materially expanding our investment management business segment by nearly 400%. "

"We are also excited about the exclusive relationship with ARC Global II where we will utilize our core strength of sourcing, underwriting and acquiring net lease real estate for the U.S. portion of the fund," added David Kay, Chief Executive Officer of ARCP. "We are now able to stay true to our pure play net lease strategy while we continue our competitive advantage utilizing non-traded REITs as a source of capital and scale. We are extremely excited to partner with RCAP and ARC Global II and look forward to a long-standing relationship in the net lease space."

For more news and information visit Blumberg Capital Partners.

DDR Sells $223M Portfolio

DDR Corp., the Beachwood, Ohio-based CRE "power center" owner & manager, announced this week that it had sold a three shopping center portfolio in the Salt Lake City, Utah area to Excel Trust for approximately $223 million, or approximately $138 per square foot. Full terms of the deal were not disclosed, but both companies indicated that DDR aims to exist the SLC real estate market while Excel saw the purchase as an opportunity to expand in the marketplace. The properties, totaling approximately 1.8 million square feet, included in the transaction are: The Family Center at Fort Union, The Family Center at Orem and The Family Center at Taylorsville.

"We are pleased to reach an agreement with the team at Excel and appreciate their high level of collaboration to effectuate an off-market transaction that accrues to the benefit of both parties," said Daniel Hurwitz, chief executive officer of DDR.

"We value our relationship with DDR and are pleased to announce this transaction. We see this acquisition as an opportunity to enhance our portfolio by securing a foothold in a strong market where Excel Trust already has a management presence. Utah is a business friendly state and boasts some of the best employment and economic data in the nation," said Gary Sabin, chief executive officer of Excel Trust.

For more news and information visit Blumberg Capital Partners.

Hines Joins MG on $3B NYC Project

MG Properties, the real estate investment and development arm of McCourt Global, has entered into an equity and development partnership with Hines on the development of 360 Tenth Avenue in New York City. The $3 billion, 733,000-square-foot mixed-use project on the Far West Side will be designed by SHoP Architects, which was recently named the world's most innovative architecture firm by Fast Company. According to a Real Deal report, Frank McCourt's MG Properties made his New York real estate debut with the acquisition of the site last year for $167 million, more than three times what seller Sherwood Equities and Long Wharf Real Estate Partners paid in 2011.

"We are very pleased to have the world class team at Hines join us on 360 Tenth," said Drew McCourt, president of MG Properties. "The addition of SHoP's creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood."

"We are excited to partner with the McCourt team on 360 Tenth and welcome the opportunity to expand our development work into the heart of Manhattan's fastest growing new neighborhood," added Tommy Craig, Hines' senior managing director for the New York office.

For more news and information visit Blumberg Capital Partners.

JV Buys Tasman Tech Park for $116M

Deutsche Asset & Wealth Management has sold Tasman Technology Park in the Silicon Valley Market to a joint venture between Houston-based Lionstone Investments and Bay Area-based Orchard Partners, in partnership with an institutional client, for about $116 million, or roughly $190 per square foot. The park covers fourteen office/R&D buildings totaling 608,968 square feet, prominently located along Tasman Drive, and conveniently positioned one stop from new Milpitas Bay Area Rapid Transit (BART) station, which will be completed in early 2017. Full terms of the deal were not disclosed.

"Orchard Partners and Lionstone were attracted to this opportunity by its prominent, accessible location, the continuous glass line of the buildings, and the opportunity to raise the overall image of the campus through building and common area improvements," stated Michael Biggar, Managing Partner of Orchard Partners. "We intend to make a substantial capital investment in the property to create a community oriented work environment in which tenants will thrive. We have a 47 acre canvas with which to work."

"Lionstone is thrilled to be a part of the growing Silicon Valley market anchored by innovative technology leaders such as Google, Apple, Samsung and Cisco. The ideal location of the Tasman Technology Park, in the center of the creative, technological hub, offers a unique opportunity to deliver creative, campus environments equipped with desired features such as beautiful outdoor spaces and work areas that attract smaller tech tenants that can use these amenities to recruit and retain the best employees," said Jane Page, Lionstone Investments CEO.

Tasman Technology Park was 98% leased at the time of sale to a diverse tenant roster including technology leaders such as FireEye, Micron Technology, and Trimble Navigation. Deutsche Asset & Wealth Management, formerly known as Rreef, has been selling many of the Peery/Arrillaga portfolio properties, following a roughly eight-year hold, according to a Silicon Valley Business Journal article. Other sell-offs include a Sunnyvale package sold to Lane Partners last December for about $250 per square foot.

For more news and information visit Blumberg Capital Partners.

Skanska Building 1M SF Office Development

Skanska USA Commercial Development, a NY-based construction and development firm, announced this week that it had completed the purchase of 14 acres of land in Houston with plans to build a 1 million square foot Class A office development. Terms of the land deal were not disclosed, but the company is clear on their plans to make a footprint on Springwoods Village Parkway, adjacent to the new ExxonMobil corporate campus. According to a press release, the site can accommodate a single tenant seeking a build-to-suit corporate campus or a three-building office complex with multiple tenants.

"With the growing demand for high quality office space in North Houston, we look forward to delivering a Class A, highly sustainable office complex in this dynamic area,” said Michael Mair, executive vice president and regional manager of Skanska USA Commercial Development. "Whether we develop the parcel for a single tenant or as a complex shared by multiple tenants will depend on marketplace demand."

Additional developments by Skanska USA Commercial Development in Houston include West Memorial Place, a two-phase 700,000 square-foot office campus in Houston's Energy Corridor; a completed Class A, 302,000 square-foot office building at 3009 Post Oak Blvd; and Capitol Tower, a 750,000-square-foot, Class A commercial office tower planned for 800 Capitol Street in downtown Houston.

For more news and information visit Blumberg Capital Partners.

Superstition Springs Business Park Sold for $14M

The Superstition Springs Business Park at 7307 and 7427 E. Hampton Ave. in Mesa, Arizona traded hands this past week as Hampton/Mesa sold the property to Allred Hampton DE of San Diego for $13,985,000 or $137.90 per square foot in a deal that closed on September 19. Lee & Associates brokered the deal, representing both the seller and buyer. Full terms of the deal were not disclosed. According to property records, the building previously traded hands in 2005 for $6,150,776, and refinanced in 2010 and 2013.

Constructed in 1999 and 2007, the two-building Superstition Springs Business Park features 101,411 square feet of flex/industrial space. Marketing brochures for the property boasted 91.5% occupancy prior to sale, with major tenants including GC Services and Norwegian Cruise Lines. The property is just north of the Superstition Springs Mall and along side the U.S. 60 (Superstition Freeway).

For more news and information visit Blumberg Capital Partners.

Cassidy Turley to Be Acquired and Merged with DTZ Under New Ownership

Cassidy Turley, the DC-based real estate investment advisor with transactions valued at $25.8 billion in 2013, announced that it had entered into an agreement with an affiliate of DTZ Investment Holdings to sell 100% of the equity interests of Cassidy Turley. Under the terms of the agreement, which is subject to customary closing conditions, the deal will have Cassidy Turley merging its operations with DTZ Group, which provides a similar combination of real estate services to customers in Europe and Asia. The consortium of public and private investors acquiring Cassidy Turley includes private equity firm TPG, whose other investments include Burger King and Petco; PAG, an Asian investment manager that says it oversees an $11 billion portfolio; and the Ontario Teachers' Pension Plan. The consortium's acquisition of DTZ is scheduled to close around October 31, while the acquisition of Cassidy Turley will be finalized on December 31.

"DTZ recognized, as did TPG, that they needed more scale, and they have the financial backing to get that scale," said Brandon Dobell, an analyst with Chicago-based William Blair & Co., in a Bloomberg article. "And probably as importantly, they have the financial backing to make sure all the producers at DTZ and now at Cassidy know they're going to be around for a while."

"Following a period of intensive mutual due diligence, we are confident that this combination is an excellent cultural fit as well as an opportunity to partner with a global brand," Cassidy Turley CEO Joseph Stettinius Jr. said in a news release.

"The Consortium is very pleased that DTZ Investment Holdings affiliate has reached an agreement to acquire Cassidy Turley after closing of the DTZ transaction. Cassidy Turley is a leading real estate services business in the U.S. and will complement DTZ's existing very strong businesses in Asia and Europe as well as DTZ's existing U.S. businesses," said Ben Gray, Managing Partner, Asia.

For more news and information visit Blumberg Capital Partners.

Chinese Firm Buys Antigua Portfolio for $60M

YIDA International Investment Antigua Limited has acquired a portfolio of developable land along the northeastern coast of Antigua for $60 million in a deal brokered by CBRE. CBRE Golf & Resort Properties was retained through an exclusive listing agreement (in conjunction with Smiths Gore) by the Joint Liquidators of Stanford International Bank. Earlier this summer, Prime Minister Gaston Browne signed a Memorandum of Agreement with Yida International Investment Antigua to pave the way for a two-billion dollar investment project in the twin-island-state. According to a GlobeSt report, the Chinese firm plans to create "Singulari," a multi-billion dollar mixed-use project including a golf resort, several five-star hotels, a horse track and residences stretching from the Crump Peninsula to Guiana Island.

"I promised the people that my administration would bring the type of investments to the country that will transform Antigua and Barbuda into an economic powerhouse and I am serious about that promise. This Memorandum of Agreement is the result of our determination to work in the interest of the people of the country," PM Browne stated.

This unique development opportunity represents the last remaining piece of the Antigua portion of the Stanford International Bank dissolution. Approximately 1,500 acres of adjacent island and mainland SIB property were recently sold. The portfolio is comprised 987 acres on the mainland, plus three adjacent islands for a combined total of approximately 1,522 acres. Prior development plans included five hotels (1,060 keys), 1,300 residential units, a casino, conference center, 27-hole golf course, marina, sports complex, commercial and retail space. The property is located in the parish of St. Peter, approximately 30 minutes from V.C. Bird International Airport.

For more news and information visit Blumberg Capital Partners.

JV Buys High-Tech Manufacturing Facility in PA

A joint venture between Advance Realty and The Davis Companies announced this week that it had purchased a 675,000 square foot high-tech assembly and warehouse facility in Lansdale, Pennsylvania. Equus Capital Partners sold the property, which includes 570,000 square feet of climate-controlled tech assembly space and 105,000 square feet of office space, after purchasing it in 2005 for $22.8 million from Visteon Systems, which constructed the facility in 1990 as an electronics plant for the Ford Motor Co. Terms of the deal were not disclosed.

Located near the northeast extension of the Pennsylvania Turnpike, 2750 Morris Road has convenient access to key arteries, including Routes 202, 309 and 63, and has direct frontage as well as visibility from the Pennsylvania Turnpike, according to a GlobeSt.com report. "2750 Morris Road offers significant in-place infrastructure at below replacement cost rents, which affords an environment that is not only unique in this marketplace, but competitively priced," said Peter Cocoziello, President and CEO of Advance Realty. "Both Advance Realty and The Davis Companies have deep experience adding value to properties so they can realize their significant underlying potential, and we look forward to seeing this asset fully-leased to companies looking to take advantage of the property’s inherent value."

For more news and information visit Blumberg Capital Partners.

Bellwether Enterprise Merges with Towle Financial Services

Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, Inc., announced that it had completed its merger with Towle Financial Services, a full service mortgage banking firm based in Minneapolis and Detroit founded over 100 years ago. As part of the merger, Towle's executive team will receive equity stake in Bellwether Enterprise, and the 11 employees will remain with the company. Towle, which has been in business since 1909, will gradually take on the Bellwether Enterprise name.

"The partnership is an important component of Bellwether Enterprise's overall growth strategy to increase market share and expand brand awareness throughout the country," said Ned Huffman, president of Bellwether Enterprise. "Towle's solid reputation and long-standing relationships in the areas it serves made the merger a smart choice for Bellwether Enterprise. We respect its longevity in the region and plan to change the name in due time. Our companies share similar qualities; both are rooted in the Midwest and provide boutique style service. We have overlapping connections with lenders and similar procedures in our servicing departments, which will make the transition smooth and more beneficial for our customers."

As reported by GlobeSt.com, the merger adds about $400 million in annual loan volume and $1.4 billion in servicing, and brings Bellwether's total annual loan volume to an estimated $2.5 billion and $8 billion in servicing. Ned Huffman told GlobeSt.com that "the goal within two or three years is to get to $3.5 to $4.0 billion a year" in loan volume and establish a true national presence with personnel handling affordable and market-rate business in every region.

For more news and information visit Blumberg Capital Partners.

Washington Prime Buying Glimcher Realty for $4.3B

Washington Prime Group Inc., a Bethesda, MD-based retail REIT, announced this week that it would acquire Glimcher Realty Trust for $4.3 billion in stock and cash, including the assumption of debt, a transaction valued at $14.20 per Glimcher common share. According to an ABC News report, after the deal closes, which is expected to happen in the first quarter of 2015, the company will change its name to WP Glimcher. As part of the deal, Glimcher will sell two shopping centers to Simon Property Group Inc. for $1.09 billion. The two shopping centers being sold are Jersey Gardens in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas.

Mark Ordan, Chief Executive Officer of Washington Prime Group, said of the deal, "We went public just three months ago, expecting to utilize our strong platform, relationship with Simon, cash flow and investment grade balance sheet to grow. This transaction with Glimcher checks every box, very early in our company's trajectory."

"We believe there is immediate benefit to our shareholders and our associates when we consider the growth profile of the joint company," added Michael Glimcher, Chairman of the Board and CEO of Glimcher Realty Trust. "Together, we gain a competitive advantage with a premier balance sheet, a larger pool of assets, and a proven platform to deliver results."

Washington Prime Group owns and manages 96 shopping centers totaling more than 50 million square feet. Columbus, Ohio-based Glimcher Realty is a developer of retail properties, including mixed use, open-air and enclosed regional malls as well as outlet centers. The combined company will be comprised of about 68 million square feet of gross leasable area and will have a combined portfolio of 119 properties.

For more news and information visit Blumberg Capital Partners.

Exeter Buys SK Food Warehouse for $21M

Exeter Property Group, a Plymouth Meeting, PA-based real estate investment management firm, has picked up an industrial warehouse in Groveport, OH for $21 million, according to public records. Terms of the deal were not disclosed, but it is known that CBRE Group agents Rick Trott and Michael Mullady led the regional marketing efforts on behalf of the seller, Opus Group.

The Opus Group leased the last of the space this past march to SK Food Group, which occupies 180,000 square feet at the Rickenbacker 7 property within the Opus Business Center in Groveport, according to a Columbus Business First article. Located between Alum Creek Road and Swisher Road, the 496,156-square-foot property at 3301-3361 Toy Road also serves as a distribution facility for Union Supply Group. Building features include a clear height of 36 feet, column spacing of 48 by 50 feet and an ESFR sprinkler system.

Opus has worked the Columbus industrial market since 1994 when it built a 509,000-square-foot, build-to-suit distribution center for appliance maker Whirlpool. It started its first speculative building near Rickenbacker in 1997. It has since built seven distribution centers beyond the former Whirlpool facility with a combined 3.6 million square feet.

For more news and information visit Blumberg Capital Partners.

Glenfield Capital Buys LaSalle Portfolio

Glenfield Capital, a private real estate investment company based in Atlanta, has completed the purchase of the LaSalle portfolio in suburban Atlanta for $37.5 million. James P. Cate, Managing Principal of Glenfield Capital, announced the acquisition this week, which adds another 400,000 square feet of office space to the company's holdings. The portfolio covers five properties, known in the Atlanta commercial real estate market as the Peachtree North Portfolio and later the LaSalle Portfolio, and includes:

100,000 square feet at 6465 East Johns Crossing (Johns Creek)
100,000 square feet each at 6525 & 6575 The Corners Parkway, and
50,000 square feet each at 6025 & 6075 The Corners Parkway (Peachtree Corners)

"These properties are an excellent investment for our company, and this acquisition fits within our expansion plans throughout the region," said Cate of the purchase. "We are moving aggressively in today’s competitive commercial real estate market in the Southeast, and this is another timely acquisition. Our current holdings now total over 800,000 square feet."

Glenfield reports it has hired two leasing agencies in connection with its latest acquisition—Adam Viente of JLL will handle leasing at the Peachtree Corners properties and Michael Howell and Hunter Henritze with Lincoln Property Co. will lease the Johns Creek building. CBRE has been selected to handle property management for the portfolio, according to a GlobeSt.com report.

For more news and information visit Blumberg Capital Partners.

Amazon Seeks to Expand Seattle Footprint, Add One Block of Office Space

Amazon is hoping to increase its presence in the Denny-Triangle neighborhood by adding another 778,000 square feet of office space on a fourth block to its 3.3 million square foot, three-block campus in Seattle, according to proposals submitted to the city. The permit filing seeks to build a 24-story office tower, 6-story office building, 5-story office podium and retail space to the fourth block, which is bounded by Seventh and Eighth avenues and Blanchard and Bell streets. If the plans are approved by the city, it will give Amazon a total of nearly 4.1 million square feet of space on the four blocks.

In addition, the company's headquarters in the South Lake Union area totals 1.7 million square feet of office, and Amazon leases space in other buildings in downtown Seattle, according to a Puget Sound Business Journal article. Currently, the company is in a total of 3.7 million square feet, and by 2021 it will occupy 8.2 million square feet of space, according to commercial real estate trade group NAIOP. Based on industry standards for employees per square feet, that would be enough for around 41,000 employees.

For more news and information visit Blumberg Capital Partners.

Inland Empire Airport Distribution Center Sold

Panattoni Development Company, the Newport Beach, CA-based CRE developer, has sold Airport Distribution Center in Ontario to Guthrie Development Company and a private equity parter for an undisclosed price, though some sources claim the company paid over $20 million for the property. Barbara Emmons, Darla Longo, and Michael Kendall of CBRE represented the seller in the transaction.

"This property provides an excellent opportunity for our firm and joint venture partner to build its Inland Empire industrial portfolio. We've historically focused on coastal markets, but feel the time is right to take advantage of the strength of the Inland Empire industrial market. Specifically this property fits our strategy of selling individual units as condominiums to the small industrial users," said Rob Guthrie, President of Guthrie Development Company, in a GlobeSt.com article.

Located at 1500, 1550, and 1590 Milliken Avenue, the 221,171 square foot industrial park spans three buildings that were 93% leased at the time of sale. "The property has been able to attract quality tenants due to its excellent location, dock high and grade level loading and attractive office space. Dock high loading functionality is very rare at competing properties with similar unit sizes," added Barbara Emmons of CBRE. The project is in the heart of the California Commerce Center and ideally situated West of the 15 Freeway and between the 10 and 60 freeways, just minutes from the Ontario International Airport and numerous retail establishments.

For more news and information visit Blumberg Capital Partners.

Red Tail Buys DFW Industrial Portfolio

Red Tail Acquisitions (RTA), a Newport Beach, CA-based real estate investor that targets properties that normally have leasing or construction issues, has purchased a six-property, 16-building industrial portfolio in the Dallas-Fort Worth area from AEW Capital Management. HFF marketed the property on behalf of the seller; the purchase price or terms of the sale were not disclosed by any parties.

"This acquisition not only represents an exciting opportunity for Red Tail Acquisitions to expand its DFW holdings, but is also a prime example of the types of investments we hope to make throughout Texas," said Sean Miller, Executive Vice President at Red Tail, in a press release. "RTA would like to thank AEW and HFF, who were great transaction partners."

The portfolio includes 1360-1420 Presidential Drive and 850-890 North Dorothy Drive in Richardson, Texas, plus 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Drive and 2855 Trinity Square Drive in Carrolton, Texas. The portfolio was 87% leased at the time of sale to 41 tenants, including NOW Specialties, Optex Systems, Laboratory Corporations of America, CircuitCo Electronics, Advanced Environmental Concepts, Milestone Construction, TraStar, Inc. and Gym Ratz Basketball Club.

For more news and information visit Blumberg Capital Partners.

Blumberg in the News

Blumberg Grain was featured this month in a Leadership Newspaper article titled Food Security Receives A Boost, As FG Launches Silo Complex, which examines cases of food insecurity due largely to storage inadequacies, in quality or quantity, leading to a substantial post-harvest wastage. During the signing of a memorandum of cooperation (MoC) between the ministry and the Infrastructure Concession Regulatory Commission (ICRC) on the concession of the silos, Dr. Adesina hinted that the Nigerian ministry was going to embark on concessioning and leasing of silos in conjunction with ICRC, World Bank and private stakeholders so as to effectively involve the private sector in the utilization of the excess storage space. An excerpt of the article follows:

The MoC, according to the minister, was the continuation of the process of synergy with the private sector to manage and operate silo complexes across the country. The signing of the MoC would bring the capacity utilization of the silos, which is currently less than 10 per cent, to about 100 per cent after the concession. Between the ministry and the ICRC, the roles and responsibilities of each party to the MoC towards the actualization of the proposed concession exercise would be spelt out.

The department is also collaborating with African Exchange Holdings (AFEX) Ltd. for the commencement of the pilot electronic Warehouse Receipt system in seven locations in Nigeria. The Blumberg Food safety and Security Vaults (Warehouses) are also being introduced in nine states of the federation to address post-harvest losses of fruits/vegetables, roots and tubers.

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

Union Tower West Designs Unveiled

John Portman & Associates (JPA), the international design firm, has released a rendering of the Union Tower West project in Denver, a new $100 million mixed-use building. The project is being developed by Portman Holdings in partnership with Hensel Phelps, creating a new space across from Union Station and adjacent to The Commons. Construction is expected to begin later this fall; General Contractor Hensel Phelps plans to complete construction within 18 months of breaking ground. Portman Holdings acquired the development site in January of this year for an undisclosed amount.

The Union Tower West project features a 180-key select-service hotel, approximately 100,000 square feet of office space above the hotel, a parking garage for 216 cars, and extensive public spaces with linkage to the recently constructed pedestrian crossing at the new multimodal station, and an aim to use the landscaped plaza at the visual termination of Wewatta and 18th Streets for outdoor dining and events.

This location is unbeatable," said Ambrish Baisiwala, CEO of Portman Holdings. Denver is just the type of market we are bullish about, and we appreciate the dynamics of the Union Station neighborhood as well as the walkability and integrated transit."

Union Tower West represents the firm's first project in Denver, according to a company press release. Gordon Beckman, AIA, JPA principal and design director, explains the firm's vision for the building, "This project continues and expands the concepts promoted by The Commons master plan and Union Station redevelopment. The vitality of this district is the impetus for transforming this significant corner site in Denver. The project's hotel amenities and functions support and complement the office functions, as well as the neighboring residential projects, thus continuing the lively mixed-use community of The Commons. We are very pleased to contribute to this vital up-and-coming area of the city."

Click here to view more renderings of the project. For more news and information visit Blumberg Capital Partners.

John Buck Sells DC Office Building for $65.2M

The John Buck Company has sold an office building on L Street in Washington, DC to LaSalle Investment Management for $65.2 million, or $397 per square foot, according to a GlobeSt.com report; Eastdil Secured brokered the transaction. John Buck originally acquired the property in 2008 for $61 million from a joint venture of TIAA-CREF and Equity Office. The building was 77% leased at the time of sale wit major tenants including Greenstein Delorme Luchs, Corner Alliance and the Personal Care Products Council.

"The Washington, D.C., office market continues to attract institutional capital given the stabilizing effects of the U.S. government," said HFF's Stephen Conley of the building after it traded hands in 2008. "The property’s location in the heart of the nation’s capital places the new owner in an ideal position to capture upside value over the next five to seven years."

The 12-story property at 1620 L Street was designed by Smith, Segreti, Tepper, McMahon and Harned and originally developed in 1989. The building is also the 24th tallest building in Washington, tied in rank with seven other structures in the area.

For more news and information visit Blumberg Capital Partners.

HUD Marketing $2.3B in Loans

The U.S. Department of Housing and Urban Development (HUD) has engaged SEBA Professional Services, a DC-based consulting firm, and DebtX, a full-service loan sale advisor, to market a $2.3 billion portfolio of non-performing residential loans. The loan sale, titled HUD SFLS 2014-2 Part 2, includes roughly 15,000 non-performing single-family mortgage loans with a total unpaid principal balance of $2.3 billion, according to a HousingWire report. According to DebtX, the loans will be sold in eight national pools, with the pools ranging in size from $94.5 million to $804.5 million. The loans are collateralized by properties across the U.S.

"Investor demand for HUD loans remains exceptionally strong, and we expect to see a high level of interest in this portfolio," said DebtX CEO Kingsley Greenland. "DebtX is pleased to support HUD in its efforts to systematically manage its exposure to non-performing residential loans."

"We are pleased to support HUD on its sixth, multi-billion dollar sale of single-family loans in the past 22 months," added Erhiuvie Abu, President and CEO, SEBA Professional Services, LLC.

These sales are "no longer a one-off transaction type for HUD, the agency is now selling billions and billions of dollars of these loans on a regular basis," Greenland told GlobeSt.com in an earlier interview.

For more news and information visit Blumberg Capital Partners.

CushWake Q2 Report Reflects Strong Industrial Growth

Cushman & Wakefield released its Marketbeat Snapshot reports for Q2 of 2014, which shows the economy not only growing at an annual rate of 4% but industrial production, which correlates highly with industrial demand, advanced at an annual rate of 5.5% in the second quarter of 2014. An excerpt from the report follows:

With vacancy rates and speculative construction back to per-recession levels, the U.S. industrial sector continues to lead the country's commercial real estate recovery. Strong occupancy gains and dwindling supply of big-box drove the overall vacancy down to 7.6%, 80 basis points lower than a year ago and the lowest level since first quarter 2008. This also represents a significant drop from the recent high of 11.2% posted during first quarter 2010. Net demand remained strong during the second quarter and is on track to surpass last year's total, with 95.7 million square feet of occupancy gains at mid-year. Atlanta is leading the nation, with 8.9 million square feet of space absorbed to date followed by Inland Empire with 7.5 million square feet. Healthy demand led to increased occupancies in almost every major market with only 12 of the 78 markets tracked posting net loss in occupancy at mid-year.

For more news and information visit Blumberg Capital Partners.