Wednesday, September 30, 2015

Westcore Picks Up SoCal Industrial Portfolio for $69M

San Diego-based Westcore Properties, a private, entrepreneurial commercial real estate investment firm, is purchasing a Southern California industrial portfolio from a real estate investment arm of MetLife for $69.4 million, or roughly $109 per square foot. Terms of the deal were not disclosed, but press releases indicate that MetLife was represented in the transaction by Darla Longo and Barbara Emmons with CBRE.

Properties included in this four-city portfolio consist of:

7100, 7050, 7051, 7101 and 7150 Village Drive in Buena Park
A 300,896-square-foot business park consisting of four multi-tenant/single-tenant light industrial buildings and one single-tenant data center building constructed in 1980 and 1981, respectively. The property is 99% leased to 15 tenants including Isuzu Motors and Hochiki America Corp.

300 East Arrow Highway in San Dimas
A 165,070-square-foot single tenant warehouse/distribution building originally constructed in 1972 and expanded in 1989. The property is 100% leased to Western Pacific Storage.

4422 Airport Drive in Ontario
A 88,323-square-foot multi-tenant industrial building constructed in 1978. The property is 100 percent leased to two tenants: NGOC Hoang Gia LLC and Kelleher Corporation.

14301 Gannet Street in La Mirada
A 80,000-square-foot, single-tenant industrial building constructed in 1968. The property is 100 percent leased to Spartech Polycom.

Westcore officials said the deal brought the company’s Southern California commercial portfolio to more than 2.5 million square feet. Hack Adams, senior vice president of acquisitions and leasing at Westcore, added that the acquisition will allow Westcore to capitalize on continued strength in the Class B industrial markets of the Inland Empire, Orange County and other parts of the region. "We are bullish on these submarkets and look forward to implementing our value add initiatives for each property," he said.

For more news and information visit Blumberg Partners.

Tuesday, September 29, 2015

China's Gemdale Enters LA Market with $125M Mixed-Use Project

Gemdale Properties and Investments, a subsidiary of one of China’s largest blue chip real estate developers, Gemdale Corporation, announced that it is partnering with Los Angeles-based LaTerra Development to develop a $125 million mixed-use project in Hollywood. The project will be the first real state investment in Hollywood by a major Chinese company, which established its US headquarters in Los Angeles earlier this year. The Gemdale-LaTerra project at 1350 N. Western Avenue at Sunset Boulevard is planned to be developed with office, retail and apartments, explained Charles Tourtellotte, President and CEO of LaTerra. Curtis Palmer of CBRE was the broker on this transaction.

Jason Zhu, CEO of Gemdale USA, said: "This inaugural Los Angeles investment promises to be the first of many deals as we ramp up our capital investment and property development business in Los Angeles, a market that we are confident presents great value. There is abundant opportunity here and we are delighted to have partnered with LaTerra, the like-minded urban development partner we have been seeking."

"Both LaTerra and Gemdale are committed to topflight design, amenities and sustainable building practices," added Tourtellotte. "With our partner, Gemdale, we will be developing a project that will have a positive fiscal impact on the community."

Gemdale's announcement of its project is the first since the recent slowdown in the Chinese economy and dramatic losses on the country's stock exchange prompted worries that the tidal wave of Chinese investment in Los Angeles might come to a halt, according to a Los Angeles Times article. Simone Liu of Wells Fargo Advisors in Beverly Hills, who gives investment advice to Chinese clients, said the opposite dynamic appears to be in play. "After what happened in China, people are looking for ways to diversify their portfolios," she said "They feel like the U.S. is more transparent and there are more opportunities in the real estate market here."

For more news and information visit Blumberg Partners.

Monday, September 28, 2015

QIA Opens NY Office, Commits to Invest $35B in US

The Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, announced today that it's opening an office in New York and is committed to investing $35 billion in the United States over the next five years. "Honored to join opening of Qatar Investment Authority's office in NY which the Amir entrusted to vanguard our economic cooperation [with] the US," tweeted Mohammed Al Kuwari, Qatar's Ambassador to Washington D.C. The decision to open an office in New York is indicative of QIA's confidence in the country's long-term economic growth and investment prospects, and allows the opportunity to strengthen partnerships with both public and private sector organizations, according to a press release from QIA. The Sovereign Wealth Fund Institute estimates the QIA manages some $256 billion in investments.

The fund, founded in 2005, and other Qatari government-linked investors traditionally have invested heavily in Europe, snapping up headline-grabbing trophies such as stakes in prominent London properties and the Paris Saint-Germain soccer team, according to a Star Tribune report. The QIA's existing American holdings include a more than 10-percent stake in New York-based luxury jeweler Tiffany & Co At the opening of the New York office, HE Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, the CEO of QIA, said: "With boots on the ground, our presence in New York will anchor our interest in the region. It is the perfect location to help strengthen our existing relationships and promote new partnerships as we continue to expand geographically, diversify our assets and seek long term growth."

The Doha-based fund has deployed the nation's riches on assets ranging from British bank Barclays Plc to Total SA and commodities trader Glencore Plc, with most of its investments so far confined to Europe, according to a Bloomberg report. "QIA has traditionally preferred Europe and is now looking to source more deals in the U.S.," said Enrico Soddu, head of data and research at the London-based Sovereign Wealth Center. "Middle Eastern sovereign-wealth funds have often struggled to source direct deals in the States," he added, noting that QIA has nevertheless already made some investments in the U.S. including buying a stake in movie distributor Miramax. QIA said it also "remains committed to its investments in Europe, Asia and the Middle East," while the New York office "facilitates access to significant investment opportunities".

For more news and information visit Blumberg Partners.

Friday, September 25, 2015

Starwood Capital Buys Belmar in Lakewood, CO

Starwood Capital Group announced this week that, though a controlled affiliate, Starwood Global Opportunity Fund X purchased Belmar in Lakewood Colorado, an open-air mixed-use center just miles from Denver. Starwood did not disclose any details of the transaction, but did indicate in a press release that the property will be managed by Starwood Retail Partners, which was established in 2012 to handle the retail centers in Starwood Cap's portfolio. Sources familiar with the deal confirmed that the sale was around $300 million, which would make it the Denver area's largest real estate transaction by dollar amount in recent memory, according to a Denver Business Journal article.

"We are very pleased to be able to make an opportunistic investment in a high-quality, well-leased destination property that is at an inflection point in its lifecycle," said David Baker, Vice President at Starwood Capital Group. "We expect the immediate area to continue experiencing strong demand from younger professionals, with population growth within five miles of Belmar projected to expand by 10% over the next five years. Belmar is well-positioned to benefit from this trend, given its walkable, urban-style, amenity-rich environment, as well as its close proximity to Denver's central business district and recreation areas in the Rocky Mountains."

The 1.1 million square foot Belmar sits on the site of the former Villa Italia Mall and serves as the town center for Lakewood, providing service and office space easily accessible from all points west of Denver via Colfax and 6th Avenues. The property includes 871,000 square feet of retail space that is currently 96% leased to tenants including Whole Foods, Dick's Sporting Goods, Best Buy, Nordstrom Rack, 24-Hour Fitness and a 16-screen Century Theatre. Belmar also offers 282,000 square feet of office space, which was 100% leased at the time of sale, with an addition 171 Class A apartment units. Belmar was ranked the Denver area's 11th-largest shopping center in recent DBJ research.

For more news and information visit Blumberg Partners.

Thursday, September 24, 2015

CWCapital Marketing $2.1B in Assets

CWCapital Asset Management (CWCAM), a subsidiary of Bethesda, MD-based CW Financial Services, announced today that it's marketing a $2.12 billion portfolio of real estate and commercial mortgage loan assets in its capacity as special servicer. The portfolio covers properties throughout the country, many in major markets such as New York City, Atlanta, Las Vegas, Los Angeles/Orange County, Houston and Phoenix with the balance located in secondary and tertiary markets. The assets securing the portfolio total nearly 4.7 million square feet of office space, 3.5 million square feet of retail, 1.1 million square feet of industrial plus 4,700 multifamily units and 2,100 hotel rooms; the remainder of the portfolio consists of mixed-use, hospitality and industrial assets.

According to a press release from CWCAM, brokerage firms including CBRE, Eastdil Secured, Newmark Grubb Knight Frank, Mission Capital, and Marcus & Millichap, are overseeing the marketing of 20 assets with an unpaid principal balance of $1.38 billion. Additionally, 71 assets with an unpaid balance of approximately $740 million are currently being marketed via Auction.com.

In October 2013 when CWCAM marketed a portfolio of 134 assets with a unpaid principal balance of $3.43 billion, the vast majority of the assets eventually closed with overall recoveries averaging $0.66 on the dollar of the unpaid principal balance, according to a GlobeSt.com article.

For more news and information visit Blumberg Partners.

Wednesday, September 23, 2015

$60M Office Park Coming to West Chester

Kubicki Real Estate Partners, the Cincinnati-based real estate company owned by David Kubicki, purchased 17.9 acres of land in West Chester Township from an affiliate of Duke Realty Corp. for $2.4 million, with plans to build a $60 million office park. Terms of the deal were not disclosed, but Cushman & Wakefield represented Duke Realty in the sale, while the buyers were self represented. Kubicki is working with Sharonville-based architecture firm McGill Smith Punshon Inc. to develop the complex, the form of which is yet to be determined as negotiations continue with potential tenants.

"This was a golden opportunity to get in the West Chester market," Michael Kubicki told Tom Demeropolis at the Cincinnati Business Journal. "If Duke was still in the office market, they would have built a building there by now," he added. The property is just east of Streets of West Chester, directly south of two GE Aviation office buildings that sold for $66 million earlier this year.

"This intersection is ripe for speculative office construction," Scott Abernethy with the Cincinnati office of Cushman & Wakefield said of the deal. "The market is so tight." Aside from a 17,000-square-foot, single-story office building, the next largest block of class A space in the West Chester area is 4,000 square feet, Abernethy said.

For more news and information visit Blumberg Partners.

Tuesday, September 22, 2015

Dallas' Galleria Towers Sold to CBRE

Galleria Towers DallasCalifornia-based Cannon Commercial Inc. has sold the three-building Galleria Towers office complex in Dallas, Texas to CBRE Strategic Partners U.S. Value 7, a fund managed by Los Angeles-based CBRE Global Investors. The sale is likely to be the largest in North Texas this year, with a sale price expected to total more than $300 million, according to a Dallas Morning News report today. "This will likely be the largest office sale in D-FW this year," said CBRE's Gary Carr who brokered the transaction along with John Alvarado, Eric Mackey and Robert Hill. "Galleria Towers is one of the most recognizable office projects in the Southwest."

The sale price would closely mirror the $300 million Cannon Commercial paid for the property in May 2008 when it was reportedly fully occupied. Prior to that, Fortis bought the Galleria Towers for $285 million from The Blackstone Group in November 2006, which acquired them from Trizec Properties. Terms of this week's deal have not been disclosed.

"This is a great asset in a great location and it has been like that for a long time," added Walter Bialas, vice president and market research director for JLL's Dallas office. "With the LBJ Expressway construction completing, I think there is a good upside for those assets. They have easy access in a good location with good visibility."

Located at 13355, 13455 and 13155 Noel Road adjacent to the Galleria Mall and built in the 1980s and early 1990s, the 1.4 million square foot Class A office complex was 70% leased at the time of sale, with one large tenant is exiting soon. Colliers International, the leasing broker for the Galleria Towers, has been working with the landlord on plans to re-lease the FedEx Office space, which is expected to leave eight floors totaling about 200,000 square feet at Three Galleria Tower at 13155 Noel Road upon completion of its new headquarters campus in West Plano within the $2 billion, 240-acre Legacy West development. CBRE Global Investors plans to invest heavily in the property adding its signature 5-Star Worldwide service and amenity program, including conference facilities, a fitness center, and enhanced on-site tenant amenities, in each building.

For more news and information visit Blumberg Partners.

Monday, September 21, 2015

Physicians Realty Trust Buys Medical Office Portfolio for Record $141M

Milwaukee, Wisconsin-based Physicians Realty Trust announced that it had completed the purchase of a portfolio of four medical office buildings in the Phoenix area for $140.882 million, or $346.23 per foot blended average. The sellers in four separate cash sales were companies formed by Integrated Medical Services in Phoenix, a physician led (by Dr. John Dover) and managed organization. Newmark Grubb Knight Frank in Phoenix brokered the deal; terms were not disclosed, but according to NGKF, the $346.23 per foot average sets the record in the Phoenix Metropolitan for the highest price per foot ever paid for an on-campus, multi-tenant medical office building portfolio. Physicians Realty Trust represented itself in this transaction.

The properties in the portfolio include:
Paradise Valley Medical Center, 3815 E. Bell Road, Phoenix
• North Mountain IMS Medical Building, 9250 N. Third St, Phoenix
• Avondale IMS Medical Building, 10815 W. McDowell Rd., Avondale
• Palm Valley Medical Office Building, 13555 W. McDowell Rd, Goodyear

The office buildings were developed between 2004 and 2009, and were 96% leased at the time of sale, according to a Phoenix Business Journal article. Three of the buildings are also located on hospital campuses, a premier spot for any medical office property. Dover said the sale gives the doctors a chance to monetize their assets, adding that the buyer understands the physician's perspective.

For more news and information visit Blumberg Partners.

Friday, September 18, 2015

Akridge Developing DC Trophy Office Building

Akridge, the DC-based commercial real estate firm, announced this week that it had secured purchase agreements with both the American Beverage Association and the American Association of University Women for 1101 and 1111 Sixteenth Street NW, corner adjacent to the new Fannie Mae headquarters in Washington, DC. Akridge said that it has plans to redevelop the two buildings, in partnership with Stars Investments, into one freestanding trophy-class office building. Terms of the acquisitions were not disclosed, but the new 1101 Sixteenth Street building is expected to deliver in 2017. Cushman & Wakefield brokered the transaction on behalf of the American Beverage Association and the American Association of University Women.

"The success of our recent redevelopment at 1200 Seventeenth Street has demonstrated the strong demand for high quality and efficient office space. We believe redeveloping 1101 and 1111 Sixteenth Street into a freestanding, trophy office building will respond to the demand for quality product," said Matt Klein, President of Akridge. "The project will complement the historic character of Sixteenth Street and will appeal to law firms, associations, and government affairs clients who appreciate a floorplan that maximizes windowed offices, as well as the impressive location near the White House and the city's best hotels."

For more news and information visit Blumberg Partners.

Thursday, September 17, 2015

GE sells $3.7B Portfolio to Kensington

GE announced this week that it had completed the sale of a $3.7 billion portfolio of loans from its UK home lending business to Kensington Mortgage Company Limited. The deal, GE's third loan portfolio sale this year, nearly halves the size of the company's UK home lending business to less than $7 billion, according to a Reuters report. While terms of the deal were not disclosed, the acquisition is a big gain for the mortgage company. Kensington Mortgage, which is controlled by Blackstone Tactical Opportunities and TPG Special Situations Partners, was previously sold to the joint venture by Investec Plc in September 2014, in an all-cash deal valued at about $290 million.

The sale is part of a plan to return to GE's industrial roots and sell most of finance-related assets, according to a CBS News report. "We are pleased with the progress we are making to reach and close agreements for our businesses and assets. The speed and value we have achieved is a testament to the hard work of our GE Capital teams around the world," said Keith Sherin, GE Capital chairman and CEO, in a press release. GE Capital once accounted for almost half of GE's profit. However, the unit's rising funding costs nearly sank the entire company during the 2008 financial crisis.

With the addition of the UK home lending portfolio, the total for GE Capital 2015 announced sales is approximately $90 billion. Earlier this month, BMO Financial Group agreed to acquire GE Capital's transportation finance business in the US and Canada, in a bid to expand its commercial banking business.

For more news and information visit Blumberg Partners.

Wednesday, September 16, 2015

Boston's Two Liberty Square Sold for $28M

Boston-based Winhall Cos., a commercial real estate and development firm led by principals Richard and Kenneth Epstein, has purchased Two Liberty Square in downtown Boston for $28.25 million, according to a Suffolk County deed. The Class B office building in the Financial District was sold by CenterSquare Investment Management, a real estate investment subsidiary of BNY Mellon, which originally acquired the property for $17.5 million in January 2013. The building was previously sold to a joint venture of AEW Capital Management and Neelon Properties for $23 million in 2007 at the peak of the market. HFF’s Ben Sayles and Coleman Benedict procured the buyer and Lauren O’Neil arranged acquisition financing from Sun Life Financial, according to a Banker & Tradesman article.

The 11-story, 64,357-square-foot office building was originally constructed in 1913, designed in the Beaux Arts style by Peabody & Stearns. Two Liberty Square went through an extensive renovation throughout the 1990s bringing its classic exterior architecture to the preserved, more modern interior. Overlooking city oasis Post Office Square Park, it’s in the center of an exciting new mix of downtown amenities, companies, restaurants, and shopping including Faneuil Hall. The building was nearly 90% leased at the time of sale with major tenants including Zipcar, insurer Humana, Arthur J. Gallagher & Co., Copyright Clearance Center and publishing company Brill.

For more news and information visit Blumberg Partners.

Tuesday, September 15, 2015

Developer Selected for WTC in New Orleans

WTC New OrleansEarlier this year, the City of New Orleans began negotiations with five developers competing to bring new life to the former World Trade Center building; this week, a winner was selected as a $364 million plan was picked as the city's top choice to sign a long-term lease for the vacant riverfront tower. A committee appointed by Mayor Mitch Landrieu's administration picked the Four Seasons group for the 99-year lease, which plans to convert the property to a 350-room Four Seasons luxury hotel and condominiums.

Carpenter and Co., a Cambridge, MA-based real estate firm, partnered with New Orleans-based Woodward Interests to bring the Four Seasons to the city. Cascade Investment Group, a holding and investment firm founded by Bill Gates, is also an investor in the project. The Four Seasons team offered a $5 million deposit, rent of $3.25 million per year for the first 10 years and $3.75 million for the next decade. After that, rent would increase by inflation. The project is being financed with $238 million in debt, $86 million in equity and $40 million in private capital, according to a New Orleans Advocate article.

"The city of New Orleans has never in our history, not ever, seen a group of investors like this that represent the breadth of the best investors in the world that have come to our city because they think we are valuable," Landrieu said. "That means that not only are we back but that we can compete on the highest levels as we go forward."

Redevelopment plans for the vacant 33-story tower on the waterfront of the Mississippi River at 2 Canal Street also include a visitor attraction called "New Orleans: History at the Confluence of Cultures" along with a public observation deck. Developers say they predict 700,000 visitors to the exhibit every year. The design also calls for three new landscaped open spaces, including a newly built urban park at the corner of Canal Street and Convention Center Boulevard.

The Times Picayune outlined the complete Four Seasons plan for the World Trade Center building which you can review here. For more news and information visit Blumberg Partners.

Monday, September 14, 2015

Carlyle & Songy Sell Galleria Place in Houston

An affiliate of Lincoln Property Co. has purchased Galleria Place, a two-building Class A office complex across from the Galleria Mall in Houston, Texas, for an undisclosed amount. The property was sold by The Carlyle Group and Songy Highroads LLC in a deal arranged by Holliday Fenoglio Fowler; according to a press release, HFF is also engaged to arrange financing for the buyer. Galleria Place previously traded hands in March 2013 when California-based Chase Merritt and Pacific Coast Capital Partners LLC sold the property to The Carlyle Group and Songy Highroads; HFF arranged that sale as well.

The property includes Galleria Place I, an 11-story,, 217,006-square-foot office building at 5251 Westheimer at Sage; and Galleria Place II, a 10-story,178,468-square-foot office building at 5333 Westheimer; and a building occupied by Regions Bank. According to a Houston Chronicle report, Songy is developing two hotels, Hyatt Regency Galleria and Hyatt Place Galleria nearby. Galleria Place was 53% leased at the time of sale to tenants including Just Energy and HIS

For more news and information visit Blumberg Partners.

Friday, September 11, 2015

Blue Ash Business Place Sold for $10M

NY-based Blue Ash Holdings LLC has sold Blue Ash Business Place I, I & III in Cincinnati for $10.2 million, or roughly $63/sf, to Blue Ash Partners LLC, an investment group formed this June and led by Patrick Gates, general partner of Matrix Holdings. The three building office park previously traded hands in 2006 for $8.5 million, or approximately $53/sf, when it was sold by Credit Suisse Securities (USA) LLC to an unnamed investor. CBRE's Cincinnati Investment Properties group represented the seller in this month's transaction and marketed the property for sale.

Blue Ash Business Place I & II at 4340 and 4350 Glendale-Milford Road are class B office buildings originally built in 1987 that feature recently upgraded common areas​​, two-story atrium with skylights and free parking. Blue Ash Business Place III, located at 4352 Glendale-Milford Road and built in 1990, is a nearly 74,500-square-foot office/flex building, according to a Cincinnati Business Journal article. The office space at the business park was about 90% occupied at the time of sale, while the flex space is about 75% occupied. The new ownership group will be making some improvements to the property, but declined to share how much it expects to invest.

For more news and information visit Blumberg Partners.

Thursday, September 10, 2015

Midway Building Spec Office Project

Houston-based Midway Companies is developing a new project in Houston's Uptown District dubbed One Parkside, a 13-story office tower near the intersection of Interstate 10 and the 610 Loop, adjacent to Houston's First Baptist Church. The company said it has started looking for tenants to pre-lease space in the building, which will also include a 10-story parking garage and a 2,000 square-foot cafe on the ground floor.

"We're excited to introduce this marquee opportunity, positioned to take advantage of the site from an architectural, view and signage standpoint," Shon Link, Midway Companies' executive vice president of development, said in a statement.

Designed by Houston-based architecture firm Kirksey, the building will have floor-to-ceiling windows, as well as automated and programmable HVAC system controls with energy-efficient variable air volume. Russell Hodges of JLL is leasing the property on behalf of Midway.

For more news and information visit Blumberg Partners.

Tuesday, September 8, 2015

Goodman Picks Up Seattle Medical Dental Building

The Medical Dental Building at 509 Olive Way in Seattle has traded hands as Seattle-based Goodman Real Estate, Inc. takes over the property. HFF worked on behalf Goodman Real Estate to secure a $69.5 million 20-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors, according to a GlobeSt.com report. Terms of the deal were not disclosed, though it is known that Goodman previously purchased the property in August 2005 for $38 million from Harsch Investment Properties. The building is currently 97% leased to more than 150 tenants, primarily private medical and dental practices.

The 18-story Medical Dental Building between 5th and 6th Avenues in downtown Seattle was originally constructed in 1925 and expanded in 1950. In 2008, the building underwent an extensive rehabilitation and today offers tenants state-of-the-art office suites, valet parking services, a Winter Garden and more. "The Medical Dental Building is such a unique asset due to its location and tenant base," said HFF managing director Casey Davidson. "Most of the tenants are family-owned medical practices that pass down through generations due to loyal customers who love the building's location, valet parking and proximity to transportation, including bus and rail lines. Some tenants have been in the building more than 40 years."

For more news visit Blumberg Partners.

Monday, September 7, 2015

Hines Buys Quintana Office Campus

Holliday Fenoglio Fowler, L.P. (HFF) announced that it had closed the sale of the Quintana Office Campus in Irvine, California and arranged financing for the buyer, Hines. While the sale price for the 430,000 square foot Class A office complex was not disclosed, reports show that Hines received $100 million in financing arranged by New York Life Real Estate Investors. The floating-rate debt package will finance the acquisition, redevelopment and re-tenanting of the Class A property, according to an REBusiness Online report. HFF’s capital markets team led marketing of the asset, and was assisted by Cushman & Wakefield, on behalf of Menlo Equities.

The Quintana Office Campus at 17875 and 17877 Von Karman Ave. and 17838 and 17872 Gillette Ave. is located on approximately 15 acres in the Irvine Business District. Hines said it has planned an extensive $15 million capital improvement program, which will transform the asset into the most unique and differentiated campus environment in the Airport submarket.  At just 13 percent leased at the time of sale, the property represents a significant value-add play for tenants seeking large blocks of contiguous space, according to Hines.

For more news and information visit Blumberg Partners.

Friday, September 4, 2015

Gehry Releases Designs for Sunset Strip Mixed Use

Frank Gehry Sunset StripCanadian-born American architect Frank Gehry, based in Los Angeles, has revealed plans for a $300 million mixed use development intended to serve as the "gateway" to California's Sunset Strip. Gehry Partners, alongside Townscape Partners, released renderings and model photos of a cluster of five architecturally distinct buildings across 2.6 acres around a central plaza. Two of the commercial buildings, "made from glass with cross-laminated timber mullions," according the Architectural Record's Anna Fixsen, will be dedicated to retail: stores, cafés, and restaurants. Of three residential buildings, two will feature concrete frames, with the taller one capped by "a sculptural top of billowing glass." And the central residential structure will have "a white, tubular facade ... that is evocative of a sea anemone."

"We're hoping to create a sustainable, livable, walkable community," said developer Tyler Siegel, cofounder of Townscape Partners. Siegel and business partner John Irwin, along with investment advisor Angelo, Gordon & Co., acquired the property in 2012 after leaving the Related Companies to establish their own firm. They considered revamping the existing strip mall, but it became clear that they needed to build something unique—both programmatically and architecturally. "Not only does it form the border between Los Angeles proper and West Hollywood, but it forms the eastern gateway to the famous Sunset Strip," says Siegel. "It's also the first property you see when traveling from the valley of the Santa Monica Mountains to the L.A. basin."

Gehry reportedly said of the project at 8150 Sunset Boulevard, "[Residents and future visitors] should feel that they are part of L.A., a part of L.A. that has a culture that comes with it." Positioned at the so-called Gateway to the Sunset Strip at the curving intersection of Crescent Heights Boulevard, Havenhurst Drive and Sunset Boulevard, Gehry's mixed-use, three-story retail center and 11-story residential tower (which is expected to achieve LEED silver status) emphasizes pedestrian access and preserving Sunset's relatively low streetscape.

For more news and information visit Blumberg Partners.

Thursday, September 3, 2015

TDA Buys Palomar Corporate Center

San Mateo, California-based TDA, Inc., a commercial real estate investment group, has purchased the Palomar Corporate Center, a fully occupied, 66,922-square-foot industrial property in Vista, California. Newmark Grubb Knight Frank (NGKF) completed the sale on behalf of the buyer; terms of the deal or a pricepoint were not disclosed, but CoStar reported that the building previously sold for $8 million in August 2006 when Donald A. and Vicki L. Whitacre purchased the property from H & J Devco LLC.

"The buyer sought out Palomar Corporate Center because it is a stabilized, pride-of-ownership asset in a good location where vacancy is very low - about 4.5 percent," said Brent Bohlken, senior managing director at NGKF. "The buyer plans to hold long-term."

The industrial building at 3210 Executive Ridge was built in 1999 and is situated on 3.62 acres. The property is fully occupied by EarthLite as its corporate headquarters, and features approximately 15,000 square feet of finished mezzanine space, four grade-level loading doors, four dock-high loading doors, a freight elevator and 128 parking spaces.

For more news and information visit Blumberg Partners.

Wednesday, September 2, 2015

Starwood Picks Up Office Parks for $82M

Starwood Capital Group, the CT-based private investment firm, has purchased two business parks in Miramar, Florida from the Metropolitan Life Insurance Co. for $82 million. MetLife sold the two buildings, Miramar Center I and III, at 3401 and 3601 Southwest 160th Avenue, and two additional buildings, Huntington Centre I and II, at 2801 and 2901 Southwest 149th Avenue, according to a report from The Real Deal. HFF marketed the properties on behalf of the seller, and worked on behalf of the buyer to place the acquisition loan. A Starwood affiliate closed on a $60 million mortgage to finance the deal.

"These high-quality suburban office buildings generated much interest among institutional real estate investors. There is a clear interest in acquiring Class A office buildings, in submarkets that have a nearby, well-educated workforce and excellent nearby transportation hubs," said HFF senior managing director Hermen Rodriguez in a statement. The portfolio consists of four, four-story office buildings on both sides of Interstate 75 in western Miramar, which straddles the border between Miami-Dade and Broward counties. Vanderbilt Partners has been assigned as the property manager of the portfolio.

For more news and information visit Blumberg Partners.

Tuesday, September 1, 2015

Blumberg in the News

Blumberg Grain was featured in an article in The Tribune in India this week as Sanjeev Sharma interviewed David Blumberg CEO, Blumberg Grain. An excerpt from the article follows:

Q: What are your plans for Punjab?
A: Senior representatives of the company are visiting Punjab as well as several other states in the country, to explore propositions for establishing the manufacturing plant and export hub for Asia. The company intends to select a location for the manufacturing hub by the end of summer. We are also in discussion with potential distribution partners and customers in the state.

Q: What are the initiatives for making India an export hub?
A: We are looking forward to making India our hub for Asia to enhance food security infrastructure in both the grain and perishable value chains throughout the region. We are looking to establish a manufacturing plant and export hub in India. The Blumberg Grain Hub in India will manufacture components for scientific warehouses. Blumberg Grain will export its systems, made in India, throughout Asia.

Q: How does it synchronise with Make in India?
A: Blumberg Grain aims to make India a home country in the greater region — that is the vision of our chairman, Philip Blumberg. The Blumberg Grain manufacturing facility alone would generate over 1,000 local jobs and an estimated economic impact of $1 billion in the first year of operation in the state in which it is set up. In addition, we will source raw materials from India and help create a knowledge base and supply chain that will have a multiplier effect on local economies.

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