Denver's Union Tower West Moving Forward

Union Tower West, a vertically-stacked mixed-use development at 1801 Wewatta Street in Denver's Union Station neighborhood, will begin construction with a groundbreaking ceremony scheduled for April 9. The project is being developed by Portman Holdings, with John Portman & Associates providing architectural services, and general contractor Hensel Phelps, which plans to complete construction within 20 months. Canyon Capital Realty Advisors has provided equity financing and Regions Bank will provide a construction loan for the approximately $92 million development.

"Canyon is excited to be part of the transformation of Denver's downtown by partnering with an experienced development team," said Marti Page, Senior Director at Canyon Realty in a press release.

"We feel that the design of this building, and its vertically stacked multiple uses, complement and enhance the appeal of LoDo, where we're thrilled to be developing property," added Portman Holdings CEO Ambrish Baisiwala. "We know that the Hotel Indigo® brand approach will bring a strong local feel and the character of the Union Station neighborhood to life within this distinct property."

Plans for Union Tower West include a 210,000-square-foot mixed-use development featuring 100,000 sq. ft. of Class A office space and the Hotel Indigo® hotel accompanied by 10,000 sq. ft. of food and beverage concepts. Travis Garland of Portman Management Company is collaborating with Colliers International for office leasing activities.

For more news and information visit Blumberg Capital Partners.

CBRE Buying Johnson Controls Unit in $1.475B Cash Deal

CBRE Group, Inc. and Johnson Controls, Inc. announced this week that they companies had reached a definitive agreement for the sale of the Johnson Controls Global WorkPlace Solutions (GWS) business for $1.475 billion. The transaction is expected to close in the second half and will be funded with CBRE's existing cash as well as debt. Johnson Controls had announced its plans to divest the GWS business last September as part of its strategy to invest in product businesses that are core to its multi-industrial portfolio and growth objectives.

"This agreement with CBRE is a great step for both companies that will allow each of us to build upon our core strengths to create new sources of value for our customers. GWS is a natural fit with CBRE's offerings, and together they will strategically take the business forward," said Alex Molinaroli, chairman and CEO, Johnson Controls. "In addition, the new strategic partnership provides another new, strong channel for Johnson Controls to serve CBRE and its clients around the world with our full portfolio of buildings technologies and services."

"The exceptionally talented GWS team will greatly enhance our service offering for occupiers around the world," said Bob Sulentic, president and chief executive officer of CBRE. "With GWS, we further our ability to create advantages for occupier clients by aligning every aspect of how they lease, own, use and operate real estate to enhance their competitive position."

Under the agreement, Johnson Controls will be the preferred provider of heating, ventilation and air-conditioning equipment, building-automation systems and other services to properties managed by CBRE and Global WorkPlace Solutions, according to a Bloomberg report.

For more news and information visit Blumberg Capital Partners.

Boston's Back Bay Class A Secures $55M

HFF announced this week that it had arranged $55 million in first mortgage financing on behalf of Synergy Investments for 185 Dartmouth Street, a 164,559-square-foot, Class A, boutique office and retail building with on-site parking in Boston's Back Bay neighborhood. HSBC Bank provided the loan to Boston-based Synergy Investments to finance the 11-story Art Deco office and retail building; funds are being used to pay off existing debt, provide the necessary capital to complete the business plan and return equity upon stabilization. 

The HFF debt placement team representing the borrower was led by managing director Greg LaBine and real estate analyst Patrick McAneny.
 "HSBC Bank provided a flexible financing alternative for this transaction, with pricing reductions over time as the project achieves various milestones on its way to stabilization," LaBine said.  "Synergy's track record of success, the high quality rehabilitation of the property that Synergy has recently completed and the tremendous location of the asset made this an attractive opportunity for HSBC."

Completed in 1937, 185 Dartmouth Street recently underwent extensive renovations to modernize the building while retaining its classic Art-Deco appeal.  The 11-story building offers tenants 45 on-site parking spaces, eight floors of boutique office space, ground-floor retail and the Healthworks-leased two-floor fitness center.  Tenants include Denham Capital, First American Title, Boston Athletic Association, Starbucks, Freshii and FedEx Kinkos.  Situated on almost half an acre at the corner of Stuart and Dartmouth Streets, the property is next to the John Hancock Tower and across the street from Back Bay Station, which provides easy access to major MBTA lines. 

For more news and information visit Blumberg Capital Partners.

Miami's CBD Office Market

The Miami Downtown Development Authority (DDA) has released its findings on the latest data for the Miami market, finding that vacancy rates continue to decline with Brickell's vacancy rate at about 15% — down from roughly 24.6% since 2011 — and the CBD posting a 20% vacancy rate — down from over 23% at the height of the recession. Vacancy remains relatively high in the Miami DDA Office Area, it is well off its peak and we have experienced strong positive net absorption during several consecutive quarters, according to a GlobeSt.com report.

So, the question is this: What are the aspects about Miami's CBD and office buildings that continue to attract tenants?

"Since becoming active here in 1982, the evolution of Miami's CBD has been intriguing," Donald Cartwright, senior vice president of JLL, tells GlobeSt.com. "Having personally moved from the suburbs to the Miami CBD, I have a great appreciation for the unique urban 'live, work and play' environment that continues to get better with world-class retail, dining, cultural and recreational venues."

Steady and growing positive net absorption has fueled a rapid recovery of the office market in the last three years. Although challenges remain, there are still plenty of new market entrants, expansions and relocations to Downtown Miami's office market.

"Combined with the weather and waterfront orientation which the city has always been known for, Miami's appeal continues to shine," Cartwright says. "However, buildings and amenities alone do not create demand for tenants. There must be a compelling business reason for companies to operate offices here, and Miami's CBD certainly delivers."

To read the DDA 2015 Greater Downtown Residential Real Estate Report, click here. For an interactive map of active developments in Miami, click here. For more news and information visit Blumberg Capital Partners.

GIC Buys Blackstone AZ Portfolio for $140M

GIC Private Limited, formerly known as Government of Singapore Investment Corporation, a sovereign wealth fund established by the Government of Singapore, has purchased 14 commercial and industrial properties in Phoenix, Tempe and the West Valley for more than $140 million. GIC, which also owns the Arizona Biltmore Resort & Spa, bought the 14 Valley properties as part of its acquistion of Blackstone Group's IndCor Properties 117 milion-square-foot portfolio, according to a Phoenix Business Journal article. Eastdil Secured (a wholly-owned subsidiary of Wells Fargo & Company), Citigroup, Barclays and RBC Capital Markets acted as advisors to Blackstone.

IndCor's assets are principally located in desirable in-fill industrial markets, which benefit from proximity to key domestic and global transportation hubs, major logistics and warehouse/distribution networks, as well as large population concentrations.

Tim Beaudin, IndCor CEO, said: "We built IndCor through 18 acquisitions to be one of the largest industrial real estate companies in the United States. We are excited about the company's future prospects under new long-term ownership with GIC."

Blackstone announced that funds affiliated with Blackstone Real Estate Partners VI & VII have agreed to sell their wholly-owned U.S. industrial platform, IndCor Properties, to affiliates of GIC, Singapore's sovereign wealth fund, for $8.1 billion.

For more news and information visit Blumberg Capital Partners.

Citrus Business Park Sold for $18M

Overton Moore Properties (OMP), the Gardena, CA-based commercial real estate firm, announced this week that it had sold Citrus Business Park in Riverside, CA for $18,089,000, or $94.00 per square foot. Bill Heim and Eloy Covarrubias of Lee & Associates, represented the prior owner and OMP on the acquisition; Patrick Wood of JLL and Ryan Miller of Voit, represented OMP in the leasing of the park; and the CBRE Investment Sales team that represented the buyer and OMP on the sale. OMP plans to continue acquiring land and value-add industrial in Southern California, Northern California, and Phoenix, according to a GlobeSt.com report.

"Acquiring this asset from a lender in May 2011 presented significant challenges with low occupancy and weak user demand at the time for users in this size segment," noted Jason Hines, Vice President of Overton Moore Properties. "Initially our lease up and rent projections did not go according to our plan. Fast forward to today, we are very pleased to have stuck it out while believing in our business plan, the quality of the asset, and the supply and demand fundamentals that allowed us to ultimately increase rents by 72% during our four year hold period."

Representing one of the "best in class" industrial parks in the submarket, Citrus Business Park consists of a 192,434 square foot Class A multi-tenant park leased to 13 tenants and includes two buildings. Unit sizes range from 9,460 to 19,030 square feet. Built in 2009, the concrete tilt-up buildings feature 24' clearance, store fronts and offices in every unit, dock high and grade level loading in each unit and generous truck courts with fenced yards. The park is located within the desirable Hunter Industrial Park in the Inland Empire market.

For more news and information visit Blumberg Capital Partners.

COPT Buys Baltimore Office Building for $64M

Corporate Office Properties Trust (COPT), an office REIT that focuses primarily on serving the specialized requirements of U.S. Government agencies and defense contractors, announced this week that it had purchased 250 West Pratt Street in Baltimore for $63.5 million, or $172 per square foot. The building's seller, Dallas-based Tier REIT Inc., was represented by Cushman & Wakefield of Maryland Inc. in the transaction; Tier acquired the 24-story tower for $51.8 million in 2004.

"This acquisition enhances the quality of our regional office portfolio by increasing our ownership of urban, in-fill buildings in amenity- and transportation-rich submarkets," Roger Waesche, Jr., COPT's President and Chief Executive Officer, said in a press release.

Located in Maryland's Pratt Street Corridor near the Inner Harbor, the 368,200 square foot building has quick access to light rail, I-395, the MARC Train's Camden Yards station and is walking distance from the subway. The property was 95% leased at the time of sale and will soon become home to Pandora Jewelry LLC, which is moving its Americas headquarters and hundreds of workers to the property from Columbia in the next several weeks.

For more news and information visit Blumberg Capital Partners.

Blumberg in the News

Blumberg Grain was featured in an article from The Guardian total titled "Bread rationing and smartcards: Egypt takes radical steps to tackle food waste". An excerpt follows:

In order to achieve this Hanafi is currently finalising an £18m nationwide network of state-of-the-art grain storage facilities to keep government-purchased wheat. The first 105 of these shounas will open in April. "When we collect the wheat, we put it in open-air shounas, but this creates waste and a dramatic loss in quality," he says, pointing to birds, humidity, air pollution and rodents as the main problem areas. These new storage facilities are temperature-controlled, as well as being equipped with primary processing capacity to screen, clean, dry and bag wheat as well as other grain products.

There's even a command centre in Cairo, containing a software inventory management system and camera surveillance technology. David Blumberg of Blumberg Grain, the US specialist storage firm contracted to implement the project, claims the new system could save Egypt up to £130m per year. "The government can get a real-time view of the levels of inventory that they have across the entire shouna system," says Blumberg.

Blumberg has installed similar storage infrastructure in Senegal, Nigeria and the Democratic Republic of Congo, and is currently in discussions with various state governments in India to implement storage facilities for rice, onion and potatoes, as well as wheat.

Post-harvest waste has become a high-profile issue in recent years and governments are increasingly keen to find ways to cut food waste at every level. In sub-Saharan Africa alone, the estimated food that is lost after harvesting could feed 48 million people and exceeds the total food aid to the region.

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

First Potomac Drops Richmond Portfolio

First Potomac Realty Trust, a DC-based self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and business park properties, announced this week that it had closed on the sale of it's Richmond, VA portfolio for $60.3 million. James Cassidy with DTZ represented First Potomac Realty Trust in the sale of the portfolio; terms of the sale or the buyer's identity were not disclosed. The sale is a continuation of First Potomac's capital recycling plan, which is focused on disposing of non-core properties and reinvesting in high quality, multi-story office buildings in the Washington, D.C. region. Since announcing the strategic and capital plan in January 2013, First Potomac has successfully disposed of 33 properties for aggregate gross proceeds of $433 million.

"With the sale of the Richmond portfolio we are continuing to execute on our strategic plan of disposing of non-core assets and redeploying capital," said Douglas Donatelli, Chief Executive Officer of First Potomac Realty Trust. "Our focus continues to be on growing the existing portfolio with well-located multi-story office buildings in the Washington, D.C. region."

The Richmond portfolio includes six business park properties — Chesterfield Business Center, Airpark Business Center and Pine Glen in Chesterfield County, Virginia and Park Central, Virginia Technology Center and Hanover Business Center in Henrico/Hanover Counties, Virginia — comprised of 19 single-story office, office/flex and industrial buildings totaling 827,925 square feet.

For more news and information visit Blumberg Capital Partners.

CBRE Tapped for Plaza of the Americas

Plaza of the Americas in Dallas has been placed on the market for sale as the class A office complex in the Arts District is being marketed by CBRE Capital Markets. Houston-based M-M Properties and Dallas-based Invesco Real Estate are seeking to sell the property, four years after acquiring it for close to $100 million; the current asking price for the property has not been disclosed.

"Having another trophy tower on the market will draw more attention to the Downtown market, bring more investment dollars and ultimately positively impact the sale of Plaza of the Americas," John Alvarado of CBRE told Bisnow. M-M Properties has enhanced the rent roll as well as updated the project since its acquisition a few years ago.

Built in 1980, Plaza of the Americas is a 1,233,266 square-foot Class A office/mixed-use complex in Dallas, Texas. The property is comprised of twin 25-story office towers connected by a 13-story atrium containing two levels of retail and abutting the 407-room Marriott City Center Hotel. The property is located on the expanding light rail system at the Pearl Station and enjoys superior access to all freeways and major thoroughfares that serve the Dallas CBD. The property is currently 74% leased with major tenants including JPMorgan Chase Bank, AIG, Capital One, Thompson Coe, and the United States Government.

For more news and information visit Blumberg Capital Partners.

Vornado Picks Up Center Building for $142M

Vornado Realty Trust, the New York-based equity real estate investment trust, announced this week that it had purchased the Center Building, an 8-story 437,000 square foot office building, located at 33-00 Northern Boulevard in Long Island City, New York. Vornado acquired the building from Madison Marquette and Perella Weinberg, according to David Robinov, the managing director of sales at Ackman-Ziff Group, who represented the sellers along with Marc Warren, a managing director at the brokerage. The purchase price was $142 million, including the assumption of an existing $62 million 4.43% mortgage maturing in October 2018.

"Following the sale of a nearby building at over $300 per square foot, the ownership wisely took advantage of the increased demand for LIC buildings and engaged Ackman Ziff to recapitalize the Center Building, just two years after acquiring the asset," Robinov told GlobeSt.com. "There has been significant appreciation in Long Island City in the past few years," he explains. "The sellers were looking to capture and monetize the increase in the asset's value. We found very deep investor interest in this property, supporting the buyer's expectation that there will be growing demand from TAMI tenants for large floor plate buildings, and continued rental rate growth."

The Center Building is a multi-tenant combination use office property with ground floor retail and light industrial located on busy Northern Boulevard in Long Island City, borough of Queens, New York City. Located directly on the M&R subway lines and minutes to Midtown Manhattan, the eight-story office building consists of approximately 444,606 rentable square feet situated on 1.44 acre-site. The building was 98% leased at the time of sale with major tenants including Human Resources Administration, with 149,400 square feet, the New York City Transit Authority, which occupies 109,625 feet and New York Foundling Hospital, which leases 35,000 square feet.

For more news and information visit Blumberg Capital Partners.

Willis Tower Sold for $1.3B to Blackstone

Blackstone and 233 South Wacker LLC announced that they had signed a definitive agreement for Blackstone Real Estate Partners VII to acquire the second tallest building in the country, the Willis Tower in Chicago, for $1.3 billion. The sellers of the 110-story skyscraper, formerly known as Sears Tower, are a group including New York-based investors Joseph Chetrit and Joseph Moinian, and American Landmark Properties Ltd. They paid $841 million for the tower in 2004, while Blackstone's purchase price of $1.3 billion is, according to Crain's Chicago Business, set to become the highest ever paid for a U.S. office building outside Manhattan. Douglas Harmon of Eastdil Secured LLC was the broker for the sale to Blackstone. Further terms of the transaction were not disclosed.

"We are bullish on Chicago as companies expand within and move into the city and look for first-class office space," Blackstone managing director Jacob Werner said in a statement. "We see great potential in further improving both the building's retail operations and the tourist experience for one of the most popular destinations for visitors to Chicago."

The Willis Tower is a 3.8 million square-foot office building in downtown Chicago and, at 110 stories, is the second-tallest office building in the United States and the fifth-tallest office building in the world. The building also features a top Chicago tourist attraction in the Skydeck on the 103rd floor, which provides 1.6 million visitors per year with unmatched views of Chicago and the surrounding area including from the "Ledge", glass cubes which extend from the building. The New York-based company plans to spend as much as $150 million to improve the tower's retail portion and 103rd-floor observatory, according to a Boston Globe article.

For more news and information visit Blumberg Capital Partners.

Esplanade III in Phoenix Sold for $74M

Dallas-based investment firm Crow Holdings has purchased one of the Esplanade buildings in the Biltmore area of Phoenix for $74.3 million, or $336 a square foot, in a cash deal. AEW Capital Management of New York sold the tower, which it paid $77 million for in 2006. Jim Fijan and Will Mast with CBRE's Phoenix office negotiated the sale, along with Kevin Shannon of CBRE's South Bay, CA office.

"This is the highest price per square foot for a multi-tenant, class A asset since the downturn," said Jim Filjan of CBRE. "Office fundamentals are improving and pricing is approaching pre-recession levels. Investors are taking notice and have shifted their attention to Phoenix, especially as pricing in coastal markets skyrockets.

Esplanade III is a ten-story office complex totaling 218,266 rentable square feet and is conveniently located just minutes from downtown Phoenix, Scottsdale and Phoenix Sky Harbor International Airport. Major tenants include CBRE, Alliance Residential, Regus, Helios and Major League Baseball's western headquarters.

For more news and information visit Blumberg Capital Partners.

The Belnord Sold for $575M

HFZ Capital Group, led by developer Ziel Feldman, has purchased the Belnord building at 225 West 86th Street in New York for $575 million. The landmark building was sold by Extell Development; according to a report from The Real Deal, Extell's Gary Barnett, together with a group of investors that also included Property Market Group's Kevin Maloney, paid $15 million for the property in 1994. Law firm Paul Hastings represented the buyer — HFZ affiliate Belnord Partners LLC — in connection with its acquisition of the property.

The 13-story building, located at 225 West 86th Street and built in 1909, includes 218 rental units, according to a Wall Street Journal report. The price is more than $1,000 per square foot, or $2.64 million per apartment, according to the newspaper. The property has the largest interior courtyard of any property in Manhattan, according to Extell Development, and takes up an entire block, bordered by Broadway and Amsterdam Avenue and 86th and 87th Streets. Nearby, HFZ is developing two condominium conversions on the Upper West Side.

For more news and information visit Blumberg Capital Partners.

Reston Office Building Back on the Market

Columbia Property Trust, the Atlanta-based REIT, announced this week that it would be targeting 14 assets for disposition during 2015; the first to go will be 1881 Campus Commons Building in Reston, VA. Columbia Property Trust acquired the office building this January in a three-building portfolio that was purchased for $436 million. According to a JayRicky.com report, the portfolio purchase was funded with a $300 million bridge loan, a $140 million draw under Columbia's unsecured credit facility, and $148 million of cash on hand, primarily generated by 2014 disposition activity.

1881 Campus Commons is a transit-oriented, Class-A office building located in Reston, Virginia, one of Washington D.C.'s largest submarkets. The recently renovated 5-story property features a state-of-the art fitness center and on-site café. SOS International and Siemens Government Services are both service and solution providers for the public and private sectors.

Other local assets it wants to sell include 1580 West Nursery Rd. in Baltimore, Maryland -- a two-building Class-A office complex that serves as the corporate headquarters for the Electronics Systems Sector of Northrop Grumman; and 800 North Frederick in Gaithersburg, Maryland, according to a GlobeSt.com report.

For more news and information visit Blumberg Capital Partners.

First Magnolia Point Industrial Building Sold

Aliso Viejo, CA-based CT Realty announced this week that it had sold the first industrial building in its Magnolia Point redevelopment in Corona, California to Developlus Inc., a hair products manufacturer, for $15.3 million. Jeff Ruscigno with the Riverside office of Lee & Associates Commercial Real Estate Services and Ben Seybold with CBRE's Orange, CA office represented CT Realty in the sale of the building at 1575 Magnolia Ave. Walter Frome represented Developlus in the transaction, according to a GlobeSt.com report.

"We are pleased to announce the sale of our first building at Magnolia Point," said Mark Zehner, director of asset and property management for CT Realty. "This new business park is located in one of the most robust industrial submarkets in the country with outstanding access to Southern California's major transportation corridors, airports, rail system and the twin ports of Los Angeles. The buildings offer flexible floor plans that can meet the needs of one large tenant or several tenants with new, Class A amenities, great freeway access and a range of nearby services. Corona continues to be an exciting market for us and we are actively seeking additional investment and development opportunities in the region."

CT Realty acquired the fully entitled redevelopment site, located on 26 acres at the intersection of Sixth Street and Magnolia Avenue, in April 2013 and built four industrial warehouse/distribution buildings totaling 528,000 square feet. The other three buildings are currently being marketed for sale to single-tenant owner/occupants and investors. The architect of record for the Magnolia Point project was RGA, Office of Architectural Design; general contracting services were provided by KPRS Construction Services Inc.

For more news and information visit Blumberg Capital Partners.

The Oregonian Building Getting Creative Office Makeover

Seattle-based real estate firm Urban Renaissance Group (URG) unveiled plans this month for an extensive renovation at the former headquarters of The Oregonian at 1320 SW Broadway in Portland. Portland-based Allied Works Architecture redesigned the 286,000-square-foot building, The Oregonian's home of more than six decades, to transform it into the largest single block of creative office space available in downtown, according to a Portland Business Journal article. Brokerage Jones Lang LaSalle announced this week it's marketing the building to tenants, who could move in by early 2016.

Urban Renaissance Group, in a partnership with New York investment firm Clarion Partners, paid $14.15 million for the property in September 2014, with "plans to spend an even greater amount on the extensive renovation." The six-story structure was designed by renowned Italian-born architect Pietro Belluschi, and originally constructed in 1948. "Belluschi led the Modern movement in American architecture and this building is one of the real treasures among the thousand or so buildings he designed in his lifetime," Brad Cloepfil, founding principal of Allied Works, said in a release. "It's a tremendous opportunity to be able to work on a design to reveal the work of a truly great architect in a modern context."

The plans call for converting the building's basement to an 80-vehicle garage, as well as an area to accommodate 100 or more bicycles with showers and other bike-commuting amenities. The west side of the building, facing Broadway, will also include some retail space. The building will total 165,000 square feet of rentable space.

"Our goal, with the team from Allied Works, is to open up the Broadway façade and reconnect the building to the neighborhood," said Tom Kilbane, head of URG's Portland office. "On the inside, by peeling back the layers of improvement, we will be exposing some of the most interesting office space that we've seen in Portland."

For more news and information visit Blumberg Capital Partners.

JV Buys Bronx Commercial Building for $31M

Hornig Capital Partners (HCP) and Savanna, both real estate investment companies, have bought 2415 Third Ave. in the Mott Haven neighborhood of the Bronx, an eight-story loft building that they plan to remodel for about $12 million and rebrand as The Bruckner Building. The 8-story, 172,000 square-foot property at the corner of Third Avenue and East 134th Street was sold by Madhatters Realty with representation from DY Realty Services; Savanna and HCP's acquisition was financed by CapitalSource, with Mission Capital as placement agent for the loan. Savanna and HCP's capital improvement plan includes replacing and restoring the windows, rebuilding the lobby, modernizing the elevators, and upgrading common areas and mechanical systems.

"The neighborhood surrounding 2415 Third Avenue is changing and we are excited to be a part of that transformation," said Christopher Schlank, Managing Partner of Savanna, in a statement. "Several new developments and amenities are coming to the area, and as a result, are enhancing its attractiveness as a place to live and work." The waterfront between 138th and 149th Streets has been designated as the Special Harlem River Waterfront District, with the potential for up to 1.5 million square feet of commercial space, 2,000 residential units and 500,000 square feet of community space. Mayor Bill de Blasio recently announced that the City will make a $200 million investment in the waterfront redevelopment initiative.

"We look forward to partnering with Savanna on The Bruckner Building," added Daren Hornig, Managing Partner of Horning Capital Partners. "The capital improvements we have planned will position this property as an attractive option for commercial tenants who are looking to establish a place of business in this up-and-coming area."

For more news and information visit Blumberg Capital Partners.

Madison Acquires Brooklyn Industrial Asset

Madison Realty Capital (MRC) announced this week that it has purchased 29 Ryerson Street across the street from the Brooklyn Navy Yard for $45 million. MRC, an institutionally backed real estate investment firm focused on real estate equity and debt investments in the middle markets, was able to acquire the property in an off-market transaction based on a direct relationship with the seller; terms of the deal were not disclosed. The vacant eight-story loft property previously traded hands in 2013 when 11-45 Ryerson Holdings LLC purchased it for $26.25 million with aims to convert it for hotel, retail and offices uses, according to a report from The Real Deal. Prior to 2013, the property had been owned for decades by 29 Ryerson Street LLC, an entity whose principal also controls the sole occupant of the building, a storage outfit called Total Records.

"The acquisition of 29 Ryerson illustrates how MRC is able to utilize local market knowledge and the firm's vertically integrated structure to capitalize on an investment opportunity born out of fundamental changes in the office market. Rising rents and the lack of large, classic industrial spaces throughout Manhattan has changed the value proposition and driven tenants to look elsewhere for space. With our in-house design and construction team, we will be able to accentuate the distinctive attributes of 29 Ryerson and bring a truly unique space to market," said Joshua Zegen, Co-Founder and Managing Member of MRC. "We're excited about the investment and the opportunity to participate in the transformational change that the neighborhood is experiencing."

For more news and information visit Blumberg Capital Partners.

The Confluence Secures $79M in Financing

HFF announced this week that it had arranged a 48-month, 65 percent loan-to-cost construction loan through a national bank for The Confluence in downtown Denver. The $79 million in financing will propel the 34-story tower project under development by PM Realty Group (PMRG) and National Real Estate Advisors. In 2013, HFF arranged the joint venture partnership between PMRG and National to develop the high-rise tower.

"The Confluence will undoubtedly be the preeminent multi-housing property in Denver, offering an unmatched combination of location, lifestyle, design and amenities, and ill serve as a striking addition to the Denver skyline," said HFF managing director Rob Rizzi.  "PM Realty Group and National Real Estate Advisors have emerged as one of the foremost development partnerships for best-in-class multi-housing properties in the country."

The development site is situated on 1.21 acres at the southwest corner of 15th Street and Little Raven Street in the Riverfront Park area of the Lower Downtown district.  The 34-story tower will provide mountain and skyline views and will include 10,000 square feet of retail and a 300-space underground parking garage. 

For more news and information visit Blumberg Capital Partners.

JV Building Deer Valley Industrial Park

Dallas-based Trammell Crow Company and its joint venture partner, Principal Real Estate Investors, announced that it had purchased a 16.19 acre land parcel in Deer Valley to develop Corridors Industrial Park. The acquisition price of the parcel located at SEC 23rd Ave and Alter Way in the Corridors master-planned business park was not disclosed, but construction is scheduled to begin in 2Q 2015 and complete by the end of the year. The JV will be developing four Class A spec industrial buildings on the property, with Butler Design Group serving as the architect and planner. Mitchell Stravitz, John Werstler and Cooper Fratt with CBRE Phoenix have been appointed the leasing agents for the building.

"We are thrilled to be delivering our second industrial project to the Deer Valley submarket with our long standing partner, Principal Real Estate Investors," said Paul Tuchin, Vice President of Trammell Crow Company's Phoenix Business Unit. "There has been strong tenant demand for functional, general industrial warehouse and distribution space. Corridors Industrial Park will provide a variety of bay sizes and building heights to suite those user requirements."

The four industrial buildings, which will be constructed simultaneously, will target tenants seeking spaces of 6,000 to 80,000 square feet. The Park will feature a combination of ramp-up and dock-high loading with clear heights ranging from 24' to 30'. The project is a quarter mile east of the Interstate 17 full diamond interchange at Pinnacle Peak Road and less than one mile south of 1.1 million square feet of retail amenities.

For more news and information visit Blumberg Capital Partners.