$3.6B LaGuardia Projects Gets Contractor

The Port Authority of New York & New Jersey's Board of Commissioners announced that it had unanimously voted this week in the selection of LaGuardia Gateway Partners, a consortium that includes construction and banking firms, to develop a $3.6 billion terminal for LaGuardia Airport. Construction of the project will be funded by a public-private partnership, with the private sector contributing more than $2 billion and the Port Authority contributing more than $1 billion to construct the airport and supporting infrastructure. LaGuardia Gateway Partners, the private development team, will be responsible for designing, constructing, operating and maintaining the new terminal.

"With today's Board action, the Port Authority continues to follow through on its commitment to modernize LaGuardia Airport, with the strong support of Governor Cuomo and his Advisory Panel," said Port Authority Chairman John Degnan. "By utilizing an innovative public-private partnership in this endeavor, the agency is also taking another important step in bringing state-of-the-art financing techniques to the task of updating our region's airports and other critical infrastructure."

"We look forward to partnering with the Port Authority on this significant project for the city and state of New York," added Stewart Steeves of Vantage Airport Group, President and CEO of LaGuardia Gateway Partners. "The team is ready to deliver an exceptional experience for the airport community and the travelers who will pass through the new terminal. We will develop a world-class facility and bring the level of operational expertise needed to deliver the airport New Yorkers deserve, both during construction and throughout long-term operations."

LaGuardia Gateway Partners is comprised of Vantage Airport Group, Skanska and Meridiam for development and equity investment; Skanska and Walsh Construction as the construction joint venture; HOK and Parsons Brinckerhoff as the design joint venture; and Vantage Airport Group for management of the operations, according to a GlobeSt.com report. The new terminal design is not expected to cost significantly more than previously anticipated for the old replacement concept. The board's action also limits the cost of the new entry portal to no more than $400 million, with construction based on future Board authorizations consistent with the Port Authority's Capital Plan process.

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CBRE Says US a Top Target for Asian Investment

A new report from CBRE Capital Markets indicates that activity from Asian outbound commercial real estate investment has picked up in the United States, with research from the company showing that numbers surged to $8.6 billion in the first quarter of 2015. Russell Ingrum, Vice Chairman, CBRE Capital Markets, commented: "The U.S. firmed as a favorite investment destination for Asian investors, weighted with the closing of some high profile trophy deals. Asian investors are also seeking assets across the size, quality and risk spectrum. We saw strong demand from Chinese-based developers in the lower price brackets particularly along the West Coast. This economically vibrant area is particularly attractive due to its proximity to Asia and its familiarity to investors – there is a large Asian population and many investors went to school in this part of the world, have friends or relatives, or vacation here."

"Asian outbound investment enjoyed a strong start as a number of key deals stretched into the quarter, but we also saw under bidders moving on to alternative deals that kept the numbers buoyant," added Marc Giuffrida, Executive Director, CBRE Global Capital Markets. "Based on our work levels, we expect to see growing interest in opportunities within Germany, while in UK regional areas this could be in office, retail and logistics. They are being drawn by the higher real-time yields, and we are now seeing rental growth. As growth is coming back to Europe, we foresee opportunities in commercial development as an alternative to buying core office buildings. Perhaps the most interesting area for growth is underway in the alternative space such as student housing, as well as health and aged care. The latter are two strategic areas where given the rapid shift in elderly demographics in Asia and around the world; we can expect the acceleration of patient capital providers from insurance groups and conglomerates."

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Synergy Sells Boston Property for $49M

Synergy Investments, the Boston-based real estate investment company, has sold 100 Franklin Street in downtown Boston to Clarion Partners for $48.75 million, or roughly $394/sf, according to a Suffolk County deed. The property previously traded hands in July 2004 when SSR Realty Advisors sold the building to Oasis Development of Lynn for $19.5 million, which then sold it to Synergy in 2008 for $33.5 million. Terms of the deal and representation were not disclosed. According to a Commercial Real Estate Direct report, the company has lined up a $24.6 million loan from TD Bank against the property.

100 Franklin Street was constructed in 1908 and originally served as the headquarters for the Boston Safe Deposit and Trust Co. The nine-story, 117,630 square foot building was renovated for the now-defunct Boston Stock Exchange in 1998. The building is within walking distance to Post Office Square, the Langham Hotel Boston and Faneuil Hall Marketplace. The seller, Synergy Investments, occupies 9,034-square-feet in the building, which is now anchored by Webster Bank.

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DTZ Global Office Cost Report

DTZ has released its 18th annual Global Office Thermometer, a report that reviews worldwide office markets and measures the cost of office occupancy on a workstation basis in 138 cities. According to the report, international occupiers are benefiting from significant falls in workstation occupancy costs. Globally, the average annual USD cost of occupying a workstation fell by 3.9% in 2014, reflecting a sharp depreciation of local currencies against the US dollar, and slower economic growth in Europe and increased supply in emerging markets.

"Broadly, declining occupancy costs reflect the sharp depreciation of local currencies against the U.S. dollar, slower economic growth in Europe and increased supply in emerging markets," said Steven Quick, DTZ Chief Executive, Global Occupier Services. "Additionally, occupiers are reducing costs by using space more efficiently in many cities. International occupiers will continue to benefit from ebbing cost pressures in several markets. Overall, we expect global occupancy costs to increase just 0.5% over the next two years."

DTZ projects occupancy costs in most major U.S. cities to moderate in 2015 and 2016. To read the full DTZ Global Office Thermometer, click here. For more news and information visit Blumberg Partners.

John Hancock Buys One South Wacker for $344M

John Hancock, the U.S. division of Manulife Financial Corporation, announced the purchase of One South Wacker in Chicago's Central Business District's West Loop, a $344 million acquisition. The 40 story Class A office building was sold by Norfolk, VA-based Harbor Group International, which originally purchased the tower in December 2012 for $221 million, and implemented complete property renovations in 2014. Terms of the deal and representation were not disclosed.

"One South Wacker represents the type of high quality assets we acquire in key gateway markets where we do business," said Kevin Adolphe, President & Chief Executive Officer of Manulife Real Estate, which operates as John Hancock Real Estate in the U.S. "The acquisition is consistent with our strategy to seek out complementary, core office towers that can provide long term value for our global portfolio. We are proud to strengthen our commitment to the Chicago market with the acquisition of One South Wacker." Other Chicago properties owned or managed by John Hancock include 55 West Monroe, 191 N. Wacker, 200 S. Wacker and 150 N. Michigan Avenue.

One South Wacker was originally constructed in 1982 and designed by Murphy/Jahn, Inc. Architects (now JAHN), inspired by Gothic cathedrals with buttress-like setbacks and arch patterns in black glass. The building's central section has three small private atriums at the top of each setback, each encased with pink glass. The lobby connects Wacker Drive and Madison Street, and is unusual for its dark black color. Helmut Jahn's original design was altered in a remodeling project around 2000. The property was 86% leased at the time of sale to unlisted tenants. Anecdotally, the tower was also featured in the Daft Punk music video "Burnin" - a loose take on the film "Towering Inferno".

For more news and information visit Blumberg Partners.

SL Green Supertower Gets City Approval with Grand Central Improvements

The New York City Council approved a change to zoning law that will allow for the construction of SL Green Realty's One Vanderbilt skyscraper, with an unusual tradeoff: SL Green's added commitment to make upgrades to Grand Central Terminal that will allow for more rush-hour trains on the subway's busiest lines. The approach has been viewed by some proponents as a model for how the Metropolitan Transportation Authority can pay for some projects as it grapples with a $14 billion shortfall in the agency's $32 billion proposed capital plan, according to a New York Times report.

The council members unanimously approved the zoning change to allow the 65-story tower to rise alongside the historic landmark, with SL Green investing about $220 million in critical improvements to Grand Central, including building new subway entrances, a pedestrian plaza at street level, and a public hall in the building's lobby. "This is the first time we've seen vast private investment to improve mass-transit access," said Mitchell Moss, a professor of urban planning at New York University.

"This is the bottleneck to the subway line," Edith Hsu-Chen, director of the Manhattan office of the city's department of planning, told city council members during a hearing last month. "Improvements made to this station would affect the entire line and commuters in the whole city." SL Green will strip the columns down to the bare bones — slimming them down by about a foot each — and narrow the stairwell to create about two and a half feet of extra space on the platform. "At rush hour, people congregate around these columns. People can't get off the train," said Robert Schiffer, managing director at SL Green. "The idea is to diffuse people."

One Vanderbilt, bounded by Vanderbilt Avenue and Madison Avenue between East 42nd and East 43rd Streets, will be 1,501 feet tall and contain 1.6 million square feet of Class A commercial space. Designed by Kohn Pedersen Fox (KPF), One Vanderbilt's architecture and building materials pay homage to the landmarked Terminal and the surrounding East Midtown business district. Building features include open floor plans, efficient use of space, and the highest level of sustainable design in New York City. TD Bank has already signed to anchor approximately 200,000 square feet of space in One Vanderbilt, including a flagship retail store on the northeast corner of 42nd Street and Madison Avenue. One Vanderbilt is projected to create 5,200 construction jobs and 190 permanent union jobs.

For more news and information visit Blumberg Partners.

Rexford Industrial on SoCal Market

Kelsi Maree Borland of GlobeSt.com conducted an exclusive interview with Howard Schwimmer and Michael Frankel, the co-CEOs of Rexford Industrial, to discuss their firm's recent transactions in Southern California and their current take on the industrial market. Just this month Rexford announced the acquisition of two industrial properties for $15.4 million, another two for $29 million, along with first quarter financials which reported the Q1 acquisition of four industrial properties, totaling approximately 432,000 square feet, for an aggregate cost of $52.4 million. An excerpt of the Q&A follows:

GlobeSt.com: Are there markets within Southern California to which you are particularly attracted?

Frankel and Schwimmer: Well, 70% of our portfolio is located in L.A. and Orange County, but we are looking for opportunities in all of the markets that I mentioned. We do have a higher concentration in the San Fernando Valley, where we have close to 3 million square feet of our portfolio. That market has been a good performing market for us.

GlobeSt.com: As you mentioned, this is a very competitive industrial market and you are focusing on high barrier to entry areas. How are you finding and winning deals?

Frankel and Schwimmer: Today, a lot of the deals that we do have a value-add component to them, and a lot of times we see things that a lot of other buyers don’t. We have three licensed contractors on our staff, so we are always looking at how to create value, and in doing so we are often able to secure the deal ahead of other buyers because we are able to create stronger cash flows.

GlobeSt.com: Where do you see the Southern California market over the rest of the year?

Frankel and Schwimmer: I think it is going to continue to be strong from a fundamental standpoint, with high occupancy and growing rental rates and property values. It is a huge market and it is very fragmented in terms of ownership, so there is always a lot of opportunity in terms of buying assets, whether they are core deals or value-add. We are excited about the market, and we think there is still a lot of opportunity on the rental side in terms of the product that we focus on, and our ability to grow rents in the product that we are buying.

For more news and information visit Blumberg Partners.

Fortress, Mount Kellett Form Alliance

Fortress Investment Group, the New York City-based investment management company, and Mount Kellett Capital, a financial planner and multi-strategy investment firm on Park Avenue, announced that they have formed a strategic alliance to become co-managers of the Mount Kellett investment funds and related accounts. Financial terms of the transaction were not disclosed, but Fortress did indicate via press release that Mount Kellett affiliates would continue to serve as general partner of the funds while Fortress affiliates will become special limited partners. The Wall Street Journal reported that Fortress would invest $200 million in Mount Kellett's funds, while, PERE reported Tuesday that Fortress would effectively acquire the funds and Mount Kellett's operating platform.

"Fortress has a world class Credit business, with exceptional people, disciplined investment acumen, a deep understanding of our strategies and a strong institutional framework," said Mark McGoldrick, Chief Investment Officer of Mount Kellett Capital. "We are very pleased to be partnering with Fortress. Our investors will benefit from the access and support of a global operational platform and the combined asset management expertise of the Mount Kellett and Fortress teams across the distressed and special situations spectrum."

"We are pleased to join with Mount Kellett and their experienced team of investment professionals who possess deep knowledge of special situations and opportunistic investing," said Peter Briger, Jr., Fortress Investment Group Principal and Co-Chairman of the Board of Directors. "In addition, we have worked with Mark McGoldrick for decades and are pleased to be able to do so again."

For more news and information visit Blumberg Partners.

NAI Hanson Sells NJ Office Building Complex

NAI Hanson, a New Jersey-based commercial real estate firm, announced that it had arranged the sale of the Boulevard Common office complex at 1140-1160 Parsippany Boulevard in Parsippany, New Jersey for an undisclosed sum. HGF Parsippany Blvd, LLC sold the 44,596-square-foot, class-A property to enterprise technology solutions provider Micro Strategies, Inc., which will occupy the complex's two buildings after relocating from Mt. Olive, New Jersey. The buyer was represented by Cushman & Wakefield in the deal.

"We're seeing increased interest among companies to purchase buildings they intend to occupy," said NAI Hanson senior vice president Josh Levering. "Buildings as well-maintained as Boulevard Commons have become attractive investment assets especially for growing companies that want to make long-term commitments the region. Property ownership is an expression that companies are committed long term and here to stay. Ownership indicates growth and prosperity with a desire to contribute to civic life in the community they locate."

According to Levering, Micro Strategies was impressed with the recently renovated complex's overall package of offerings, including its condition and state-of-the-art infrastructure, its window lines, the opportunity to brand through visible building signage and its convenient location -- less than one mile from Routes 287, 80 and 46, which enables direct driving access from every direction in Northern New Jersey.

For more news and information visit Blumberg Partners.

7 Bryant Park Sold for $600M

The Bank of China has closed on the purchase of 7 Bryant Park, the new 470,000-square-foot steel and glass tower which was substantially completed at the end of April. Hines, along with partners Pacolet Milliken Enterprises, Inc. and institutional investors advised by J.P. Morgan Asset Management, announced the sale for $600 million. Hines has assumed on-site property management responsibilities, and CBRE has been selected as the exclusive leasing agent for the property.

"We are very proud of the project and know it will be not only a great new home for future tenants, but a great investment for the new owner," said Hines Senior Managing Director Tommy Craig. "We are pleased to stay involved with the property and look forward to working with CBRE to fill the remaining prime office space with top-quality, discerning tenants."

Designed by renowned architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, 7 Bryant Park is ready for tenant interior build outs, with floors 15-27, and the first-floor retail space fronting West 40th Street, available for lease at the time of sale. The building provides direct access to the B, D, F, M and 7 Subway lines, and is located within a five-minute walk to New York City’s major transit hubs — Grand Central, Penn Station and Port Authority.

For more news and information visit Blumberg Partners.

CRE Takes Note of Warehouse Boom

A new article from the Wall Street Journal titled Raising the Roof Making All the Difference in Warehouses examines the growth in the industrial market as e-commerce continues to boom, and the needs of these net-based businesses. An excerpt follows:

Real-estate firm Prologis Inc.'s latest project, a one-million-square-foot warehouse in Tracy, CA, will boast a 40-foot-high ceiling, 25% taller than the typical 32 feet. The project isn't pre-leased, making this the first speculative building of such dimension that the company has built.

Prologis executives said it is going bigger to tap into the e-commerce boom, which is changing the way industrial properties such as warehouses and fulfillment centers are built. E-commerce retailers need more space than do wholesalers that ship goods in bulk to stores, because they transport a vastly wider variety of products in much smaller batches.

"If your stapler breaks, you go online and you order a single stapler. If you're delivering to OfficeMax, you don't go into a warehouse and pull one stapler off the rack, you pull out a whole pallet of them," says Scott Lamson, president of Prologis' northwest region.

As a result, e-commerce companies need workers to pick out and pack each product by hand. They often build multiple mezzanine levels and racking systems known as "pick modules," which are typically about nine feet high. Ceiling heights of 40 feet, rather than the industry-standard 32 feet, allow a distributor to build three levels above the ground floor instead of two, and still leave room for light fixtures and fans.

For more news and information visit Blumberg Partners.

KOIN Center Sold, HFF Arranges Loan

Earlier this year it was announced that ScanlanKemperBard Companies (SKB) had purchased the KOIN Center in Portland, Oregon for $88 million, about $250 per square foot; this week Holliday Fenoglio Fowler, L.P. (HFF) announced that it had secured a $60 million finance loan on behalf of SKB for the property. According a press release, HFF placed the five-year, floating-rate loan with CIBC World Markets. The loan, which finances the recent all cash acquisition of the property, is structured with an initial funding of $50 million and future advances of $10 million. The future advances are intended to fund major renovations of the lobby and common areas as part of the repositioning of KOIN Center. 

SKB said earlier this year that plans to invest $4.3 million in capital improvements, including renovations to the lobby, bike lockers, elevator lobbies and restrooms. It also plans to create white-shell spec suites with open floor plans. "We're excited to have this rare opportunity to purchase what was once arguably downtown Portland's most desirable office property," said SKB president and principal Todd Gooding. "We plan to invest heavily in renovations that will return the landmark to prominence and provide vastly improved office space options in an increasingly tight Class A market."

KOIN Center is situated in the southern corner of Portland’s central business district, which will soon see a new Orange line as well as numerous planned developments including the Hilton Curio Collection hotel project and the Phil Knight Cancer Research Institute. The 34-story skyscraper at 222 S.W. Columbia Street was 84% leased at the time of sale with major tenants including Schnitzer Steel Industries, Skanska, Wells Fargo Advisors, Potbelly Sandwich Works and Mika Sushi.

For more news and information visit Blumberg Partners.

Cushman & Wakefield Acquires DTZ in $2B Deal

DTZ announced today that it had reached a definitive agreement with Cushman & Wakefield to merge, creating one of the largest global real estate services companies. Exor SpA, an Italian investment firm that owns most of Cushman & Wakefield, said Monday that DTZ will buy Cushman for $2.04 billion. The transaction is expected to close before the end of the year and is subject to customary closing conditions. The merged company will operate under the Cushman & Wakefield brand and have $5.5 billion in annual revenue and 43,000 employees.

"DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies – whether in New York, London or Shanghai, this will be a formidable combination," said Brett White, who will assume the role of Chairman and Chief Executive Officer of the combined company. White added, "While breadth and depth are important to serve clients, it's not just about size. It's also about local expertise and deep customer service, which are strong traits of Cushman & Wakefield and DTZ, and ultimately what will differentiate us going forward." Mr. White is an industry leader with over 30 years' experience whose previous role was as CEO of CBRE.

"This transaction builds upon the considerable momentum we've achieved over the past 18 months and positions Cushman & Wakefield to deliver incremental value to clients worldwide from a broadened and strengthened global service platform," said Edward Forst, President and Chief Executive Officer of Cushman & Wakefield. "The combined company will truly represent the best our industry has to offer, with an enhanced ability to help clients achieve their goals and to deliver rewarding prospects for the tremendous Cushman & Wakefield team."

For more news and information visit Blumberg Partners.

Graymark Buys Lionshead Building

Graymark Capital Real Estate Investments, a San Francisco-based real estate firm, has purchased 3209 Lionshead Avenue in Carlsbad, CA for $12.2 million. Graymark picked up the property from Irvine-based LBA Realty; DTZ's Rick Reeder, Brad Tecca, Dennis Visser and Aric Starck represented both buyer and seller in the transaction. Full terms of the deal were not disclosed.

"This marks Graymark's first purchase in San Diego," said DTZ's Brad Tecca. "We're seeing increased interest from outside parties, as potential returns on the investments are greater here than in many other regions. It's our job to find mutually beneficial opportunities for all concerned. It was an honor to do so for both Graymark and LBA Realty."

The 74,000 square foot, single-tenant corporate headquarters building is currently leased by prAna, a wholly-owned subsidiary of Columbia Sportswear Company. The building was constructed on 4.56 acres in 2009, according to CoStar Group. Brokers said this is Graymark's first purchase in the San Diego market.

For more news and information visit Blumberg Partners.

101 Independence Center Sold for $108M

A corporation affiliated with Cornerstone Real Estate Advisers, one of the largest global real estate investment managers and member of the MassMutual Financial Group, picked up the 20-story 101 Independence Center office tower in uptown Charlotte for $107.75 million this month, according to public records. HFF orchestrated the sale on behalf of KBS Real Estate Investment Trust and asset manager Gramercy Property Trust Inc., which originally put the property on the market in December 2014 seeking to get $120 million for the building. Terms of the deal were not disclosed.

"101 Independence Center received very strong interest from the marketplace attracting a deep bench of investors. Charlotte has truly evolved into a dynamic market for institutional capital," said Ryan Clutter, senior managing director with HFF. "Charlotte has truly evolved into a dynamic market for institutional capital. Given the strong investor appeal of Charlotte currently, we anticipate a very active selling environment through the remainder of 2015 with many notable institutions seeking quality investments in the city."

Located at 101 N. Tryon St., the building houses about 565,000 square feet of office space and is 83% leased, with Bank of America as the largest tenant. Northeastern University opened a satellite campus in the building in 2011. The construction of the building was completed in 1983 and sits on the site of the former site of the Independence Building at Charlotte's Independence Square.

For more news and information visit Blumberg Partners.

Bixby Sells Pacific Center, Stream Realty to Upgrade

Bixby Land, the Irvine, CA-based office and industrial real estate agency, announced last week that it had sold the eight-story Pacific Center in Torrance, CA for $68.5 million. Bixby bought the 291,000 square foot property from TA Associates for $52 million in July 2012, and invested $6 million into property renovations. This week the new owner, Stream Realty, secured a $49 million loan for the acquisition and further renovation of the office building, according to a GlobeSt.com article. Kevin MacKenzie, senior managing director at HFF, secured the funds on behalf of the borrower, along with HFF associate director Brian Torp.

The financing for the property is a non-recourse, four-year interest-only loan with a floating rate, funded through a national bank. "Through an extensive marketing process, there was significant interest generated across the capital spectrum due to the high quality of the asset, the strong office market trends in the south bay, and the experienced sponsorship," said MacKenzie.

When Bixby Land bought the building at 21250 Hawthorne Blvd. it was 63% occupied; their $52 million renovation program was intended to attract new tenants, with upgrades including removing land berms from around the building and putting in new landscaping with palms and olive trees and a furnished outdoor seating area. The building is now 80% leased with tenants including All Nippon Airways, Living Social, Morgan Stanley, Bank of America and Wells Fargo Insurance.

To bring the occupancy levels up higher, Stream plans to make further improvements to the lobbies and un-leased interior units, as well as for leasing concessions. According to Stream Realty's Colby Annett, the financing is a perfect fit for the company to carry out its business plan. "The quality of the asset combined with strong fundamentals in the market made the debt placement a smooth process," he told GlobeSt.com. With additional improvements, Bixby was able to bring the building occupancy up nearly 20% in less than two years with 55,000 square feet of leases signed.

For more news and information visit Blumberg Partners.

Stafford Place I & II Sold for $300M

Ralph Dweck and his D.C.-based Dweck Properties Ltd. retained Transwestern to market Stafford Place I and Stafford Place II in Arlington, VA, which just successfully sold the properties for $300 million, according to a report by Real Estate Alert. The two trophy assets total 748,066 square feet and are 100% leased and occupied, primarily to the U.S. Government’s National Science Foundation (NSF). Dweck originally purchased Stafford Place I in 2006 for $197 million, or $355 per square foot; the year before, they'd purchased Stafford Place II in a $420 per square foot sale, which was the highest price paid for a commercial office building in the Ballston submarket at the time.

The NSF occupies 86% of the buildings and utilizes this premises as its headquarters location dispersing over $7 billion worth of grants annually to the scientific community on behalf of the U.S. Government. This premier location in the Ballston submarket of Arlington, VA has served as the NSF’s headquarters for close to 20 years due to the highly-educated workforce living in the immediate vicinity. Other tenants include CENTRA Technology, a government contractor, and the National Telecom Cooperative Association.

For more news and information visit Blumberg Partners.

Bendetti Picks Up Western Industrial Assets

The Bendetti Company, an Irvine, CA-based commercial real estate investment company, announced this week that it had acquired two industrial properties in California and Nevada. The first property, 65,000-square-foot Paramount Texaco Industrial Park in Paramount, CA, was 60% vacant at the time of acquisition; the second property, 200,000-square-foot, 130-unit Valley View Business Park in Las Vegas, had below-market rental rates and a lower occupancy than competing projects at inferior locations. Terms of the acquisitions or purchases prices were not disclosed.

"We own industrial properties in both regions, and were fortunate to have these opportunities presented to us before they went to market," said Robert Bendetti, president of the Bendetti Company, in a press release. "When you get a first look and the returns make sense, you have to demonstrate your ability to close quickly in what has become an extremely competitive buyers' market."

"These acquisitions are a huge commitment and take time and resources many institutional investors are not interested in undertaking," added Bendetti. "That is our niche. The opportunity to convert Value-Add projects into Core Plus investments does not arrive on our doorsteps every day. It takes strong broker relationships and a granular perspective of the market, plus the energy to commit resources. This is where we like to compete."

For more news and information visit Blumberg Partners.