American Realty Buys Shoemaker Distribution Center

American Realty Advisors announced this week that it had acquired the Shoemaker Distribution Center, a 175,000 square-foot Class A industrial warehouse in Santa Fe Springs, California. The property, located at 15050-15066 Shoemaker Ave, adjacent to I-5 on the west side of Carmenita Road and south of Rosecrans Avenue, was sold by an entity controlled by Lincoln Property Company; terms of the deal were not disclosed. American Realty Advisors represented itself in this acquisition, while the seller was represented by Barbara Emmons, Darla Longo, Rebecca Perlmutter, and Laird Perkins of CBRE.

The Shoemaker Distribution Center is 100% occupied in a market with just two percent vacancy at the end of the fourth quarter of 2014. Major tenants include Fortune 500 Company J.B. Hunt Transport Services, Altaquip LLC, Pacific Diving Academy USA, Inc., Spartech Corporation, and Sysonic USA, Inc.

"We have a very strong focus on industrial assets throughout the United States in key distribution markets, and 40% of trade in the United States comes through the west coast ports, of which Los Angeles is the largest," Gary Steinhardt, director of the investment group at the firm, told GlobeSt.com. "We believe that the robust tenant and investor demand for functional in-fill distribution assets will continue, making this investment well positioned for long-term growth. Shoemaker offers many of the attributes desired by tenants in Santa Fe Springs, a market which can efficiently serve the entire Los Angeles and Orange County regions. These attributes include ample dock-high and drive-in loading, excess trailer storage and 24' or greater ceiling heights. Basically this is a strong income-producing property that is consistent with American Realty Advisors' ongoing investment strategy to identify core assets in well located, supply constrained markets."

For more news and information visit Blumberg Capital Partners.

GLP, Indcor Deal Closes

Global Logistic Properties (GLP) and Singapore's sovereign wealth fund completed the acquisition this week of IndCor Properties, the Chicago-based industrial landlord. Blackstone announced this past December that Blackstone Real Estate Partners VI & VII had agreed to sell IndCor Properties to affiliates of GIC, Singapore's sovereign wealth fund, for $8.1 billion. The portfolio, which spans 26 U.S. markets, including Chicago, is 91% leased, according to Global Logistic.

Ming Z. Mei, GLP's CEO, says the acquisition, which represented a significant discount to replacement cost, establishes "immediate scale in the US" for his company, along with "a strong platform for future growth. It is consistent with our strategy to operate in the best markets globally and to grow our fund management platform. Given the quality and the strong market fundamentals, we are confident that we can increase the lease ratio and capture positive leasing spreads in the near future. The strong existing US team which joins GLP further strengthens our team."

When GLP and GIC, Singapore's sovereign wealth fund, announced their acquisition this past December, Tia Miyamoto, regional head, Americas, GIC Real Estate, said the two companies bought the IndCor platform because it's "an attractive point in the recovering US industrial market cycle. As a long-term investor, we believe this investment will achieve stable income growth and will allow us to add value over the long run." GIC will maintain a 45% stake in the portfolio.

For more news and information visit Blumberg Capital Partners.

Lincoln Square Expansion's 24hr Pour

The building of Bellevue's Lincoln Square Expansion project hits the ground this weekend with a continuous pour of 13,690 yard of concrete for 24 hours to form the structural base for a new 41-story tower. "This massive mat of concrete and rebar is the foundation for what will become Bellevue's premier luxury hotel-residential tower," said Michael Chaplin, principal at Sclater Architects, the lead architect for the 1.5 million-square-foot, mixed-use Lincoln Square Expansion project. "In coming months, Bellevue residents will witness this tower and an adjacent office tower climb upward into the Bellevue skyline."

The concrete and rebar structure that will take shape Feb. 28 will anchor the 450-foot tower and play a critical structural role in supporting the cast-in-place concrete and steel structure. After removing more than 485,000 square feet of earth over the past year, workers recently installed more than 3 million pounds of rebar in the construction pit located at the corner of NE 4th Street and Bellevue Way.

The Lincoln Square portion of the expansion, located between NE 4th and NE 6th on Bellevue Way in Bellevue, Washington, includes 700,000 sq. ft. of Class A Premier Office space, 177,000 sq. ft. of retail, dining and entertainment space along with a 244 room luxury boutique hotel and 250 luxury high-rise rental residences with unequalled views.

Construction began last year with the 1.5 million sq. ft. expansion of Lincoln Square, which will begin opening in 2016, and will be followed with an additional half million sq. ft. expansion to its popular Bellevue Square shopping center. Kemper Development Company's mixed-use expansion will enhance downtown Bellevue's bustling urban environment, ensuring that Seattle's Eastside tech industry and The Bellevue Collection continue to grow in tandem.

For more news and information visit Blumberg Capital Partners.

Blumberg in the News

New Dehli TV's Panel Discussion with Philip Blumberg:

Blumberg in the News

Blumberg Grain was featured in a Miami Today article titled "Gables firm, Egypt partner for grain security" that looks into the company's progress in Africa and continued development of grain storage facilities to reduce post-harvest loss. An excerpt follows:

The company, which signed a contract with the Egyptian government late last year, is currently developing 93 wheat storage facilities across Egypt and expects the first few to be completed by the end of April, said David Blumberg, CEO of Blumberg Grain-West Africa.

He told Miami Today the facilities will process 3.7 million tons of wheat annually and store 750,000 tons, saving Egypt about $200 million a year.

"Post-harvest wheat loss in emerging markets is the primary problem for governments to solve," Mr. Blumberg said. "The loss, between harvest and first sale, is about 50% and due mainly to the lack of storage containers."

That's the ultimate goal of the Blumberg Grain project: to support the Egyptian government in recovering crops lost to post-harvest fatality.

Egypt is the world's largest importer of wheat and Africa's largest producer. However, there are numerous threats to grain in Egypt and other emerging countries, including pest attacks, rot, and theft – or what is referred to in the industry as "leakage." This leakage is often distributed to thieves' friends and family who sell the wheat on the black market.

Currently, Mr. Blumberg said, Egypt's wheat is stored in open-air storage facilities called shounas. He explained the wheat is received from farmers in bags and then stacked in piles, thus exposed to the sun and elements.

"There's a high likelihood that it will go bad due to the weather," Mr. Blumberg said. "The Egyptian pigeon is the worst pest and responsible for about 20% of the loss."

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

CLT Buys James Royal Palm for $278M

In its 4Q results report released this week, Chesapeake Lodging Trust (CLT) announced that it had entered into a definitive agreement to acquire the 393-room James Royal Palm located in Miami Beach, Florida for a purchase price of $278 million. The acquisition is expected to close in the first quarter 2015, subject to customary closing conditions. The property at 1545 Collins Ave. in Miami Beach is still listed as being owned by RP Hotel Holdings, a company affiliated with Denver-based KSL Capital Partners, according to property records and a report by the South Florida Business Journal.

"We are very excited to announce our entrance into the highly desirable Miami South Beach market with the pending acquisition of The James Royal Palm," said James Francis, Chesapeake Lodging Trust's President and Chief Executive Officer, in a press release. "The Royal Palm, which recently underwent a comprehensive renovation, has an irreplaceable oceanfront location at the intersection of Collins Avenue and 15th Street. We believe the hotel has significant upside potential in both revenue and profitability and we are happy to partner with both HEI Hotels & Resorts, as the new hotel manager, and Starwood Hotels & Resorts, as the franchisor, on this project."

For more news and information visit Blumberg Capital Partners.

Hines JV Buys 4000 MacArthur

Hines, the international real estate firm, announced this week that along with a subsidiary of a fund managed by Oaktree Capital Management it had purchased 4000 MacArthur in Newport Beach, California. The sale price or terms of the deal for the two ten-story buildings were not disclosed, but it is known that a previous owner, Tishman Speyer Properties, was marketing the property in 2007 and expecting to fetch around $170 million; Tishman paid KBS about $134 million, or $365 per square foot, for the two office towers in 2006. In 2011 Emmes reportedly bought a $40 million junior portion of a $100 million mortgage tied to the property for 80 cents on the dollar and moved to foreclose on the property from Tishman, according to an Idea Hall article.

Hines Managing Director Ray Lawler, who leads the firm's Orange County development and investment office, said, "4000 MacArthur's location, access, visibility, quality improvements, and credit tenancy make this a particularly attractive acquisition for Hines and Oaktree. We expect the exceptional top floor vacancy, creative speculative suites, and prominent building top and monument signage will draw additional premier tenants to our project."

Oaktree Managing Director Ambrose Fisher added, "4000 MacArthur is our eleventh project with the Hines Orange County team. We now own 2.8 million square feet in Orange County that we have taken from 65 percent leased at acquisition to nearly 90 percent leased today. Globally, we have purchased 21 office deals in the US and the United Kingdom with Hines, totaling 8.2 million square feet. With the addition of 4000 MacArthur to our portfolio, we look forward to owning two of the best buildings in Orange County."

The property was roughly 91% leased at the time of sale to twelve tenants, including: Hyundai Capital America, M/A-COM Technology Solutions Holdings, Lifescript, and Premiere Business Centers. Hines has assumed on-site property management responsibilities on behalf of the joint venture.

For more news and information visit Blumberg Capital Partners.

Aurobindo Pharma Building NJ Warehouse

Aurobindo Pharma USA, a subsidiary of India-based Aurobindo Pharma Limited, a pharmaceutical manufacturer headquartered at Hyderabad, India, announced this week that it will be building a new manufacturing and distribution center in New Jersey. Aurobindo acquired a 90-acre tract on Windsor Center Drive in East Windsor, New Jersey; no financial information on the land purchase or the scope of the warehouse-distribution facility was released. The purchased property is located across from Route 133 and near the 43,000 square foot Patscentre building, now occupied by Novo Tech, a new Township pharmaceutical R&D company.

Mayor Mironov said of the firm's expansion, "We are excited that Aurobindo has chosen East Windsor for their new warehouse and distribution center, bringing new tax dollars and new jobs to our community. This expansion here by Aurobindo, a global corporation, represents the attraction to East Windsor of another high-tech, high growth-potential company in our Einstein's Alley corridor. East Windsor is a great location for this type of company, and we are pleased to add Aurobindo to the many pharmaceutical related firms which have chosen to locate in East Windsor, including Novotec Pharma, Hovione, Elementis, CorTech Solutions, Aprecia, Aurex Laboratories, Sabinsa, and Windsor Labs."

In a statement, Aurobindo USA's CEO Robert Cunard added, "We at Aurobindo Pharma are very excited about our recent acquisition and planned expansion into East Windsor. We have appreciated the valuable assistance and guidance of the mayor and her team, who have been great partners and extremely helpful to our company in moving forward with our acquisition and planned expansion." The new facility is expected to generate at least 300 new jobs at the East Windsor location when fully operational.

For more news and information visit Blumberg Capital Partners.

HFZ Investing $185M in The Shore Club Refinance

HFZ Capital Group, a Manhattan-based real estate investment and development company, in conjunction with an affiliate of Fortress Investment Group, purchased The Shore Club South Beach for about $175 million at the end of 2013. This week, Carlton Group chairman Howard Michaels secured $185 million in refinancing to allow HFZ to reinvent the property. The lender was Banco Inbursa, a Mexico-based bank run by Carlos Slim, according to a GlobeSt.com report.

"Carlton ran a competitive process on behalf HFZ Capital, ultimately selecting a major international lender who provided a highly beneficial finance structure, which enabled HFZ to receive a generous level of proceeds on highly beneficial terms," Mr. Michaels said in a statement.

"We have an extraordinary, once-in-a-lifetime opportunity to re-imagine and reposition a world-class property in a market that has seen continued demand for luxury properties," said Mr. Feldman. "The development of oceanfront real estate on South Beach has been fueled by an expanding market for business and tourism, accessibility to international airports and year-round warm weather," he noted.

"With ongoing demand from domestic and international buyers for prime South Beach properties and with Miami Beach's increasing global significance as a tourist destination, we expect the luxury residential and hospitality markets to continue their dynamic growth," added Nir Meir, Principal & Managing Director of HFZ.

The luxury boutique resort property prominently located at 1901 Collins Avenue in Miami Beach, Florida is currently a 309-key luxury hotel including a tower addition designed by world-renowned, British architect David Chipperfield. The Carlton-managed refinancing provides the funding required to reposition the property, revamping it into 85 deluxe residential condos and 100 luxury hotel rooms. When complete, the hotel will offer 85 luxury condo residences and 100 hotel rooms. HFZ hired Douglas Elliman to market the residences last year, according to a report from The Real Deal.

For more news and information visit Blumberg Capital Partners.

Simone Development Selected for $400M Project

Empire State Development (ESD) announced that it had selected Simone Development Companies, a full-service commercial and residential real estate investment and development company, to develop a new 33-acre office, academic, and medical center in the Bronx. The New York State Urban Development Corporation, d/b/a ESD, issued an RFP for the purchase and redevelopment of the 33-acre parcel in the Morris Park section of the Bronx in November 2013; the agreement with Simone, which is subject to a diligence period and public approval process, is for approximately $16 million, state officials note.

Joseph Simone, President of Simone Development Companies said: "Simone Development Companies has a long history of community investment and development in the Bronx, and we are excited to take this bold step forward and create jobs and economic opportunity in Morris Park. We believe that this project further illuminates the bright future ahead for the Bronx and its growing cluster of health care organizations and higher education institutions."

The $400-million mixed-use project is located at 1500 Waters Place, adjacent to Simone Development's 1.4-million-square-foot Hutchinson Metro Center office park and near the planned Metro-North Station in Morris Park. The site comprises the northeastern portion of the New York State Office of Mental Health (OMH) Bronx Psychiatric Center campus, including three primary buildings comprising an aggregate total of 900,000 square feet, as well as four smaller buildings and a steam generating powerhouse.

For more news and information visit Blumberg Capital Partners.

Blackstone to Transform Cosmopolitan of Las Vegas

In a new Wall Street Journal article titled Blackstone Looks to Buck the Odds on Vegas Strip, Craig Karmin examine's the company's move to turn around the Cosmopolitan Hotel-Casino in Las Vegas. An excerpt follows:

At the Cosmopolitan of Las Vegas, the top four floors of the hotel's 52-story east tower offer some of the Strip's prime real estate. Views from the wraparound balconies stretch for miles, and ceilings soar up to 16 feet. Yet these rooms sit unfinished and have never been occupied by guests.

Now, Blackstone Group LP plans to transform that space into grand suites in hopes of attracting high rollers from around the world who have largely ignored the property's underperforming casino thus far. The New York investment firm bought the hotel and casino property for $1.73 billion in December from Deutsche Bank AG.

The makeover is part of Blackstone's vision for turning around the Cosmopolitan, which has been one of the biggest real estate busts of all time. Deutsche Bank, which took control of the property in 2008 after the original owner defaulted, spent about $4 billion on the project before unloading it.

Blackstone executives said they expect to spend up to $200 million on the property, in part by completing elements of Deutsche Bank's aborted plan. In addition to the top-floor suites, Blackstone has ideas for new VIP rooms in the casino areas and is looking to add new bars and restaurants in vacant space on the first three floors.

For more news and information visit Blumberg Capital Partners.

Transwestern Breaks Ground on Austin MU Project

Transwestern Development Co. and its partners announced this week that it had broken ground on a two-building mixed-use project in Austin, Texas. Amegy Bank of Texas and Comerica Inc. provided the financing for the project. Kirksey Architecture designed the office portion of the project, and Wilder Belshaw Architects designed the Arnold. The general contractors are Harvey Cleary; for the office portion, and Andres Construction for the mixed-use building. Kimbell Bruehl Garcia Estes is the civil engineer for both buildings.

"We are very pleased to get started on this exciting development," said Transwestern Development Co. Associate Vice President Josh Delk. "This location is in the center of one of Austin's most culturally rich and defining neighborhoods, and we are thrilled to be bringing a project of this caliber to the area. The Arnold and accompanying office building will add to the creative energy with its mix of office, multiple housing options and prominent local retail and restaurant offerings."

The project at 1621 and 1645 E. 6th St. includes a 94,500-square-foot creative office building, which is scheduled for completion in January 2016, and a second, The Arnold, that is slated for delivery in July 2016 consists of 346 apartment units with 9,600 square feet of specialty retail at three key intersections of the property.

For more news and information visit Blumberg Capital Partners.

Normandy Secures $72M for Midtown Restoration

Jones Lang LaSalle announced this week that it had secured a $72 million loan on behalf of Normandy Real Estate Partners, a N.J.-based investment firm led by David Welsh and Finn Wentworth, for 125 W. 25th Street. French bank Natixis provided the financing on the 12-story property, which will allow Normandy to complete renovations to the building. Normandy originally purchased the building out of foreclosure for $54.5 million in 2013; prior to that, the former owners were Brooklyn-based investors Miriam and Michael Chen, who paid $34 million for it in 2006 but defaulted on a loan given to them by lender Cathay Bank.

"With this financing in place, our efforts are now focused on completing construction and finishing the redevelopment of the asset which will feature an open, loft-style setting and upgrades to the lobby, new enlarged windows, new elevators, and a new roof terrace and penthouse," said Paul Teti, principal at Normandy Real Estate Partners. "We’re excited to begin showing prospective tenants this ideally situated property that’s in the heart of Manhattan's technology and media center."

125 West 25th Street is located on West 25th Street between Sixth and Seventh Avenues – approximately one block west of Madison Square Park. The property offers 11,600 square foot floor plates with open layouts and light on three sides, resulting in a bright, collaborative work setting. The comprehensive renovation will include a glass façade on the first three stories, brand new building systems, lobby renovations, a roof deck, and new elevators, windows and floors.

For more news and information visit Blumberg Capital Partners.

SunTrust Building at 777 Brickell Sold for $140M

A private South American group picked up the SunTrust Bank building at 777 Brickell Avenue in Miami, Florida this month for $140 million, or $238 per square foot. In a deal brokered by CBRE, CBRE represented the seller, Brickell Office Plaza (whose managing member is Peter Dicorpo of CBRE Global Investors), in the deal. Terms or the name of the buyer were not disclosed, according to a South Florida Business Journal article.

"Miami continues to draw significant capital from intelligent, well-informed investors," said CBRE Vice Chairman Christian Lee in a statement. "777 Brickell, one of only four waterfront sites on Brickell Avenue, is just the latest example of that."

"The unprecedented growth and transformation of the CBD along with the world-class location of the property provide a tremendous upside opportunity for new ownership through the operation of the institutional-quality office building as well as potential future redevelopment," added CBRE Vice President Amy Julian.

Built in 1980, the 13-story office tower with 288,485 square feet and an adjacent 5-story parking structure previously sold for $44.5 million, when Brickell Office Plaza purchased it in 2002, according to Miami-Dade County property records. the building was 93% leased at the time of sale with major tenants including CBRE, SunTrust, UBS, Banco de Brasil, Truluck's, BlackRock and International Paper.

For more news and information visit Blumberg Capital Partners.

Papago Arroyo Office Complex Sold for $41M

Papago Arroyo, a three building office complex in Tempe, Arizona that's part of Papago Park Center, traded hands this week as CBRE announced the sale of the property for $40.85 million. Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham with CBRE's Phoenix office, along with Andrew Cheney and Craig Coppola with Lee & Associates, represented the seller, Greenwood & McKenzie of Tustin, California, in the transaction. The buyer and full terms of the deal were undisclosed.

"Tempe continues to perform at the top of the metropolitan Phoenix office market. Papago Arroyo offers tenants a centralized, highly desirable location with a strong amenity base and access to one of the strongest labor pools in the Valley," said CBRE's Young, lead broker in the investment sale.

"The outstanding central location of the property with its close proximity to Sky Harbor International Airport and the major valley freeways made this a very desirable financing opportunity for a wide variety of lenders and will ensure the property's ability to draw tenants and stay well-occupied into the future," added CBRE Vice Chairman Bruce Francis.

The 279,503 square foot, two-story office buildings at 1255, 1275, and 1295 W. Washington Street were built in 1998. Papago Arroyo was 96% leased at the time of sale with major tenants including Wells Fargo, DHL, Union Bank, State Farm, and First Solar.

For more news and information visit Blumberg Capital Partners.

Facebook Buys Prologis Industrial Park

Facebook has purchased the Menlo Science & Technology Park, a 56-acre industrial park directly south of its Menlo Park headquarters, from Prologis for an estimated $400 million. The 21-building campus gives Facebook plenty of elbow room even as it prepares to expand within weeks into a new Frank Gehry-designed building across the street from its existing offices, according to a Silicon Valley Business Journal article. Prologis Inc., which has owned and managed the property since 1998, said it would continue to manage the complex on Facebook's behalf. The park has numerous tenants, but perhaps its highest profile is Pacific Biosciences, which is at 1380 Willow Road.

"We feel you just can't build a corporate campus, it has to be integrated into the community," Facebook real estate chief John Tenanes said in an exclusive interview this week. "Facebook will continue to grow over time, and there's a limited supply of land... This is really looking at our future."

"Land constraints and increased urbanization pressures in markets such as Silicon Valley support the monetization of select in-fill assets," Michael Curless, chief investment officer at Prologis, said in the statement.

For Facebook, the purchase "is an investment in our future and the future of Menlo Park," Genevieve Grdina, a company spokeswoman, said in an e-mailed statement. "Being a good neighbor is extremely important to us, and we look forward to continuing our dialogue with city and community leaders on local priorities in the months and years to come."

For more news and information visit Blumberg Capital Partners.

Verizon Selling Assets to Frontier, American Tower for $15.6B

Verizon Communications Inc. announced this week that it is selling its wireline assets in three states, including Texas, to Frontier Communications Corporation for approximately $10.54 billion, while also selling the leasing rights for 11,234 cell-phone towers to American Tower Corporation, a $5.1-billion deal that also entails the REIT acquiring 165 additional towers from Verizon. Verizon Communications Inc. says it plans to return some of the cash to shareholders by spending $5 billion on buying back its stock, according to a USA Today article. Verizon also said it wants to concentrate on the East Coast wireline business and will focus on expanding its FiOS broadband and high-speed Internet business in that region.

"This transaction marks a natural evolution for our company and leverages our proven skills and established track record from previous integrations," said Maggie Wilderotter, Frontier Communications Chairman and Chief Executive Officer. "These properties are a great fit for Frontier and will strengthen our presence in competitive suburban markets and accelerate our recent market share gains. We look forward to realizing the benefits this transaction will bring to our shareholders, customers and employees."

Lowell McAdam, Chairman and Chief Executive Officer of Verizon, added, "This transaction will further strengthen Verizon’s focus on extending our leadership position in our core markets and create value for both Verizon and Frontier shareholders. Frontier has proven to be an excellent partner. Together we will ensure a smooth transition for our customers and employees, and I have no doubt these teams will continue putting the customer first."

For more news and information visit Blumberg Capital Partners.

Dermody Bringing New Logistics Center to Vancouver

Dermody Properties, a Nevada-based national industrial real estate development and operating company, recently broke ground on a new industrial facility in Vancouver, Washington that is expected to be completed in July 2015, and Vancouver's first new industrial development in more than 10 years. The 98,400 square foot facility, known as LogistiCenter 205, will be marketed by Tony Reser, Tom Talbot and Scott Murphy of Kidder Mathews, hoping to draw tenants from manufacturing and the high-tech sector, said Phil Wood, the Dermot Properties' Northwest regional partner.

"Vacancies in both the Vancouver submarket and the overall Portland market are at or near historic lows," said Douglas Kiersey, Jr., president, Dermody Properties. "LogistiCenter 205 will provide much needed modern distribution space to serve our national target customers."

LogistiCenter 205 will be one of the few sizable industrial facilities available in the Clark County submarket. The vacancy rate in the Clark County submarket was 3.7 percent at the end of 2014, the lowest rate experienced in recent history. Designed by Mackenzie and constructed by Perlo Construction of Portland, the facility will feature 30' clear height, a 130' truck court and Early Suppression, Fast Response sprinkler systems. LogistiCenter 205 will be the only Class A industrial facility available in the Vancouver Clark County submarket.

For more news and information visit Blumberg Capital Partners.

Unico Buys 1.5M SF CO Office Portfolio

The W. W. Reynolds Companies, Inc., a Boulder, CO-based commercial real estate development, leasing and professional property management firm, has unloaded a sizable office portfolio this week as Unico Properties LLC purchased an approximately 1.5 million-square-foot block of properties. The Seattle-based real estate investor purchased the portfolio for an undisclosed sum in a deal brokered by CBRE. Unico purchased the Boulder portfolio in partnership with AEW Capital Management, a global real estate investment advisor. AEW acquired the property on behalf of AEW Partners VII, the seventh in the firm's series of opportunistic real estate funds, according to a GlobeSt.com article.

"Timing and the strength of the real estate market in Boulder and Fort Collins made this opportunity to sell a portion of my portfolio possible," said BIll Reynolds, president of W.W. Reynolds. "Having personally developed all of the properties included in this sale, it was important to me that my company stay involved going forward. To do this, we are partnering with Unico and will continue to manage and lease these properties as we have done since their inception."

The deal includes a 1,013,443 square-foot portfolio in Boulder and a 507,005-square-foot portfolio in Fort Collins. The Boulder portfolio is comprised of 27 buildings located in four of Boulder's premier office parks: Pearl East Business Park, Tierra Business Centre, Flatiron Business Center, and Highpoint Business Park. Shortly after closing, Unico sold the Fort Collins portfolio to Prospect Development Partners, LLC.

"This transaction, at approximately 1.5 million square feet, represents the largest real estate transaction by square footage this cycle and it elevates Unico's position in the market as one of the largest office landlords in the Front Range," added Geoff Baukol, senior vice president of institutional properties for CBRE Group Inc.'s capital markets division.

For more news and information visit Blumberg Capital Partners.