TIAA-CREF Sells Tysons Corner Office Building

National financial services organization TIAA-CREF has sold the Harrison Building in Tysons Corner, Virginia to Harrison Metro LLC, an investment affiliate of Cambridge Holdings LLC, a Virginia-based full-service operating company. Holliday Fenoglio Fowler, L.P. (HFF) marketed the property on behalf of TIAA-CREF, and represented them in the sale; the price and terms of the transaction were not disclosed. TIAA-CREF purchased the Harrison Building in December 2004 for approximately $27.4 million; Fairfax County tax records show the building was assessed at $23 million this year.

Located at 1760 Old Meadow Road in Tysons Corner — which is the 12th largest Central Business District in the nation and Virginia's largest employment center — the Harrison Building was completed in 1999 and is conveniently located blocks from the Silver Line's McLean Metrorail station, Tysons Corner Center and Tysons Galleria. The five-story, 101,440-square-foot, Class A office building features a two-story glass atrium lobby with three elevator cabs and covered parking adjacent to building. The building was fully leased to Project Performance Company (PPC) at the time of the sale, but the company, which has been at that location since at least 2006, will be leaving the property when its lease expires at the end of the year.

For more news and information visit Blumberg Partners.

Aligned Opens New $300M Data Center in Plano

Aligned Data Centers, a division of Aligned Energy, had a ribbon cutting ceremony this week at 2800 Summit Avenue, the company's new $300 million, 30-megawatt data center complex in Plano, Texas. The 300,000 square foot data center is one of the first company locations to come online in the United States, with the first phase officially now complete and offering 108,000-square feet of space with 12.5 megawatts of power. The facility is unique in the pay-for-use concept that Aligned has employed, with customers committing to power based on what they actually use instead of a more general commitment to a certain amount of megawatts for the life of their contract.

"Aligned Data Centers' entry into Plano is yet another powerful example of an innovative and emerging company that chooses to call our City of Excellence home," said Mayor Harry LaRosiliere at the groundbreaking ceremony. "The technology that Aligned has developed to 'green' a data center industry and reduce wasting huge amounts of water and energy cannot be understated. It is appropriate they chose Plano, a city known for leadership in sustainability efforts and we look forward to seeing them lead those same efforts in their industry."

Jakob Carnemark, CEO for Aligned Energy, explained that the consumption-based pricing for colocation will minimize the upfront commitment for power and space by up to 70% by not locking customers into a fixed ramp schedule and charging on a pay-for-use basis. "Our clients will now have the control and flexibility they have been asking for, while enjoying the peace of mind that their data center is operating at peak performance and efficiency," Carnemark said in a press release. In addition to the Plano facility, Aligned is building a larger data center in Phoenix and scouting for additional locations in California, Illinois, Virginia, and New Jersey.

Click here to take a virtual tour of the new Data Center. For more news and information visit Blumberg Partners.

Industrial Property Trust Buys York Industrial Building

In a deal arranged by JLL's Philadelphia Capital Markets Group, Industrial Property Trust Inc. has purchased the 312,769 square-foot industrial property at 515 Zarfoss Dr. in West Manchester Township, PA for $16.5 million. The building was sold by Endurance Real Estate Group and Thackeray Partners, who originally purchased the property for $8.075 million, or $25.80 per square foot, in 2012.

"515 Zarfoss Drive presented the opportunity for the buyer to acquire a 100 percent leased, highly-functional asset with a tenant who has an unmatched local presence and commitment to the market," said John Plower, senior vice president, JLL Philadelphia. "York County has continued to be a shining star within the Central Pennsylvania market, outperforming other locations in terms of high quality of labor, rental rates and limited vacancy." He also noted that the property was only on the market for about a month before it was sold.

515 Zarfoss Drive was originally developed in 1982 and features all the amenities required by contemporary distribution needs, including ceiling heights up to 31' clear, 28 loading doors, wet sprinkler system and approximately 6,500 square feet of office space. The property is located in the 27 million square foot Central Pennsylvania industrial market, which is widely considered one of the top performing in the United States.

For more news and information visit Blumberg Partners.

Korea Post Buys Midtown I & II in Atlanta

CBRE Global Investors' U.S. Managed Accounts Group announced that it has acquired Midtown I & II in Midtown Atlanta on behalf of Korea Post, the national postal service of South Korea. Terms of the deal were not disclosed, but the property did previously sell for $225 million in 2013 when Cole Real Estate Investments teamed with Macfarlan Capital Partners to acquire the complex from KanAm Grundinvest Fonds (who had purchased the complex at the market's peak in 2007 for $242 million).

"Our investors are increasingly looking for global diversification," said Peter DiCorpo, President, CBRE Global Investors' U.S. Managed Accounts Group. "We can offer the on-the-ground experts in their target investment markets as well as in their home country to provide a seamless solution for migrating capital across borders."

Midtown I & II is a 794,110 square foot, Class A, state-of-the-art corporate campus situated in the heart of the Midtown submarket of Atlanta, across I-85 from the campus of University of Georgia Tech. The 16-story and 8-story buildings are 100% leased to AT&T and were originally constructed at build-to-suits for Southwestern Bell in 2001 and 2002. The property also includes a nine-story 2,459-space parking garage, which is also home to 13,257 square feet of ground floor retail space, as well as AT&T's 5,000 square foot Drive Studio. The Drive Studio is a platform which allows automakers to add and test connected services, such as in-car entertainment systems, over-the-air diagnostic systems, and other innovative cellular-enabled features.

For more news and information visit Blumberg Partners.

Related, Oxford Secure $1.3B Financing on 15 Hudson Yards

Related Companies and Oxford Properties Group closed $1.3 billion in financing to fund the 15 Hudson Yards building under construction in the mixed-use development on Manhattan's West Side. The finance package includes equity provided by Related, Oxford and a sovereign wealth fund, tax-exempt bonds from New York State Housing Finance Agency and an $850 million construction loan provided by London-based The Children's Investment Fund, according to a Commercial Observer report.

The 960,000 square foot mixed use tower was designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, and is expected to be completed in 2018, with sales to begin next year. The 70-story tower will offer unobstructed views of the city and Hudson River, and immediate access to the greater Hudson Yards project, which includes 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel.

For more news and information visit Blumberg Partners.

Liberty Property Sells Orlando Industrial for $36M

Malvern, PA-based Liberty Property Trust announced that it has completed the sale of a 713,585 square foot industrial property at 8201 Chancellor Drive for $35.5 million, marking one of the largest deals in the Orlando-area market in five years. Liberty originally purchased the 713,585 square foot warehouse distribution facility for a total investment of $23.6 million in September 2010, when the drugstore chain CVS had the building 100% leased; Liberty completed a long-term renewal of the lease with the tenant last year. Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction; the unnamed buyer was advised by Exan Capital LLC.

"Liberty remains very committed to the Orlando market and we continue to focus on growing our industrial portfolio," said Stephen Whitley, senior vice president and city manager for Liberty in Orlando. "We have just developed two new buildings and there are more in the planning stages." Liberty, an $8 billion, publicly traded REIT, currently owns and manages 3.6 million square feet of industrial space in Orlando.

For more news and information visit Blumberg Partners.

Buchanan Street Buys Tollway Plaza

Newport Beach-based Buchanan Street Partners announced that it had purchased Tollway Plaza, a two-building, eight-story office complex in Dallas, Texas, for an undisclosed amount. Buchanan was self-represented in the deal, while HFF's Dallas investment sales team represented the seller, CBRE Global Investors. The buildings were expected to fetch almost $230 per square foot; CBRE originally acquired the property in 2012 from Equity Office Properties Trust, price also undisclosed.

"We are actively buying all types of office product in the Dallas region," said Matt Haugen, assistant vice president at Buchanan Street Partners, in a press release. "Given the sustainable job growth in the region and lack of available development pads, we anticipate an increase in rents in the area over the next few years as vacancies tighten."

Located at 15950 and 16000 North Dallas Parkway, Tollway Plaza consists of two, eight-story buildings totaling 370,073 square feet. Centrally located in the Dallas North Tollway submarket,Tollway Plaza was 95% leased at the time of sale, with major tenants including Travis Wolff, LLP, Axxess Technology Solutions, HQ Global and Stewart Title.

For more news and information visit Blumberg Partners.

Carr Buys Apex Building for $106M

DC-based Carr Properties signed an agreement this week to purchase 7272 Wisconsin Avenue in Bethesda, Maryland for $105.5 million from the American Society of Health-System Pharmacists (ASHP). Alony Hetz Properties and Investments Ltd., a holding company that specializes and focuses on real estate in Israel and abroad, has partnered with Carr on the project. Carr will finance the building’s purchase from its own resources and from a loan granted by the sellers in the sum of $53 bearing 4.5% yearly interest with its redemption date (full principal) being in 2020. In addition, Carr signed an agreement with the sellers according to which the sellers would remove their offices from the purchased building and move to the 4500 East West Building owned by Carr, construction of which was completed this year.

In the coming years, Carr Properties intends to demolish the Class B office building to develop a 935,000-square foot mixed use complex at the location with office, residential, commercial and hotel space, according to a Funder article. Demolition of the building has been an issue of community planning concern, as previous property owners and the county considered the impact last year. The property is at a desirable location, directly above a future subway stop for the new Purple Line on DC Metro.

For more news and information visit Blumberg Partners.

McCraney Breaks Ground on Park27 Spec Industrial

West Palm Beach-based McCraney Property Company broke ground on its new Park27 project, the only spec industrial new construction building in Davenport, Florida. McCraney partnered with Northwestern Mutual Real Estate, the real estate investment arm of Northwestern Mutual, to develop 603,000 square feet of industrial building space, located at the northwest quadrant of interstate 4 and US Highway 27. The development is adjacent to a recently announced Walmart ecommerce distribution center with two buildings and more than 2 million square feet. Project costs were not disclosed.

"On the heels of the Orlando industrial market experiencing an explosive 2 million square feet of absorption to date this year, currently there is no other sector within commercial real estate more fluid and exciting than the industrial market today," said Steven McCraney, President and CEO of McCraney Property Company. "Industrial is morphing its traditional makeup with retail and technology, and Central Florida is at the perfect crossroads to capitalize on ecommerce momentum.

Park27 includes two buildings on its 33-acre site:

• The first building will span 189,000 square feet
• The second will be 414,000 square feet, and be the only multi-tenant spec space available in the immediate area that can accommodate a 300,000+ square foot user with trailer storage

"Park27 is a first-class development that represents an exciting opportunity for us to have a growing presence in Central Florida," added John Jacobs, director of production for Northwestern Mutual Real Estate in a press release.

For more news and information visit Blumberg Partners.

Clarion Buys Pacific Tech Park

An affiliate of New York-based Clarion Partners purchased the Pacific Technology Park in Sorrento Mesa, California in a $90 million deal arranged by Cushman & Wakefield. According to a San Diego Business Journal article, the sellers of the industrial property, at 9389-9477 Waples St., were Pacific Tech Property Inc. of San Diego and San Francisco-based Deutsche Asset & Wealth Management. The sellers were represented by Jeff Chiate, Jeffrey Cole and Edward Hernandez of Cushman & Wakefield; and Mickey Morera and James Duncan of Kidder Mathews; Clarion was self-represented.

"This offering generated a great deal of interest," Jeffrey Cole told GlobeSt.com. "Clarion Partners was attracted to this opportunity to own a class A industrial park with credit tenancy in a coastal market. With the acquisition, Clarion also has the potential to further improve certain suites to re-lease to creative office and technology tenants at significantly higher rents."

The five building, office/corporate headquarter, R&D, warehouse business park is centrally located in San Diego's Sorrento Mesa Submarket, just east of the Interstate 805 Freeway. Pacific Technology Business Park was built in 1989-1991 and was 80% occupied by 13 tenants at the time of sale.

For more news and information visit Blumberg Partners.

Corum Moves Forward with Class A Spec Industrial in Denver

Corum Real Estate Group, the Denver-based real estate firm, has purchased a 7.5-acre parcel of land in Adams County to develop Central 62 Distribution Center, a 124,600-square-foot, Class A, spec industrial warehouse and distribution facility. HFF worked on behalf of Corum to arrange joint venture equity partnership with a pension fund advisor, and also secured the construction loan for the partnership through a local bank. Corum bought the land from father-and-son Tony and Lou Ficco for $2.08 million, who had owned the site since 1941. Associate Director Matt McClintock and Senior Managing Director Jeff McClintock of NGKF handled the transaction. According to a Business Den article, their property originally had 10 acres but was cut down to 7.5 acres when Interstate 25 was built in the 1960s.

"Industrial real estate is a pretty hot commodity right now, and infill industrial is even harder to find," said Corum Vice President Eric Komppa, who runs Corum Real Estate Group along with his father Mike Komppa. "It's going to be the first development deal with I-25 visibility since the last cycle at least, if not longer."

Targeted at mid-size tenants requiring office, retail and showroom space, Central 62 is the latest speculative development in a "drum tight" industrial market experiencing under 2 percent vacancy in the central Denver area, according to Newmark Grubb Knight Frank. "This new industrial construction fronting I-25 is the first in decades, and as land values skyrocket in RiNo and along Brighton Boulevard, centrally located companies need new options," explained Matt McClintock, who brought the opportunity to Corum Real Estate.

BSD Builders has been contracted as the general contractor on the Central 62 project, which was designed by Ware Malcomb. Asking rates will hover around $8 per square foot, Komppa said, adding that the building has drawn leasing interest primarily from distribution outfits.

For more news and information visit Blumberg Partners.

Latest CoStar Reports Shows Ideal Conditions for CRE Growth

CoStar has released its Commercial Repeat Sale Indices (CCRSI) for the month, looking at figures for commercial real estate pricing, which reflects continued price growth in Q3. Steady employment growth, low interest rates, and the global uncertainty that has pushed capital into 'safe-haven' investments helped drive continued investment and price growth, with real estate investors continuing to push activity. According to the CCRSI, composite pair sales volume of nearly $91 billion in the first three quarters of 2015 grew 32.8% compared with the first three quarters of 2014, and put 2015 on track to become the strongest year on record for transaction volume.

Some excerpted hilights follow:

STEADY GAINS SEEN IN OFFICE SECTOR.
The core gateway markets continued to do well during the third quarter of 2015. In addition, former housing-bust markets such as Atlanta and Miami, which have so far lagged in the recovery, also saw some of the most pronounced improvements in market fundamentals and price growth in the last year. The national U.S. Office Index increased 2.7% in the third quarter of 2015 and 10.3% in the 12-month period ended September 2015. The Prime Office Metros Index advanced by an even stronger 12% in the 12 months ended September 2015, propelling it to within 1.2% of its prior peak level.

INDUSTRIAL MARKET PRICE GROWTH HIGHER OUTSIDE PRIME METROS.
The industrial sector's solid fundamentals performance has supported price growth of 2.6% in the third quarter of 2015 and 10.9% in the 12 months ended September 2015. The Industrial Index is now within 6.3% of last cycle's peak. The Prime Industrial Metros Index has generally mirrored that of the broader market. Although its 7.7% increase in the 12 months ended September 2015 was lower than the national Industrial Index, and the Prime Industrial Metros Index remained 15% below last cycle's peak. This suggests more room for price appreciation as rents continue to rise, but space markets are expected to become increasingly competitive as construction levels increase.

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

Stream Realty Closes $67M Bridge Loan for Atlanta Portfolio

Dallas-based Stream Realty Partners has closed a $67 million bridge loan with A10 Capital to fund the acquisition and lease-up of a 12-property portfolio consisting of retail, industrial and office buildings in the metropolitan Atlanta area. The loan was structured on a non-recourse basis and proceeds were used to fund the acquisition, capital improvement plan, and future lease-up costs of the properties. Gregg Shapiro, Director at HFF, arranged the financing; the seller identities or a complete purchase amount were not disclosed.

"We have developed a specialty in financing large portfolios comprised of middle-market commercial properties," said A10 Capital CEO, Jerry Dunn. "This loan highlights the strength and flexibility of our lending platform."

"We owe special thanks to our lender, A10 Capital," added Ben Hautt, Co-Managing Partner of Stream Realty Partners' Atlanta office. "As hectic as it was in those early morning hours before close, it was great to see them working just as hard as us. They really treated this portfolio as if they were true partners with us."

The 12 properties, which include a retail shopping center at 3201 South Cobb Drive and an industrial warehouse at 3380 Florence Road, were 56% leased at the time of sale.

For more news and information visit Blumberg Partners.

$325M Expansion Plan for NYC Museum

Studio Gang Architects, founded by architect and MacArthur Fellow Jeanne Gang, has released designs for the Richard Gilder Center for Science, Education, and Innovation at the American Museum of Natural History, a $325 million, 218,000-square-foot expansion approved by the museum's trustees this week. The Board of Trustees of the American Museum of Natural History authorized proceeding to schematic design for the Columbus Avenue side of the Museum complex at 79th Street. The conceptual design for the Gilder Center is consistent with longstanding but previously unrealized aspects of the Museum's 1872 master plan, while reflecting a contemporary architectural approach that is responsive to the Museum's mission and to the current uses and character of the surrounding Theodore Roosevelt Park and neighborhood. The project still needs to pass through the New York City Department of Parks and Recreation, Landmarks Preservation Commission, and Community Board 7 to review, and an environmental impact statement (EIS) will be prepared for public review and comment. If approved, construction is expected to begin in 2017, with a goal to open the Gilder Center in 2020, at the conclusion of the Museum's 150th anniversary in 2019.

"The Gilder Center embraces the Museum's integrated mission and growing role in scientific research and education and its enhanced capacity to make its extensive resources even more fully accessible to the public," said Museum President Ellen Futter in a press release. "It will connect scientific facilities and collections to innovative exhibition and learning spaces featuring the latest digital and technological tools. Jeanne Gang's thrilling design facilitates a new kind of fluid, cross-disciplinary journey through the natural world while respecting the Museum's park setting."

"We uncovered a way to vastly improve visitor circulation and Museum functionality, while tapping into the desire for exploration and discovery that are emblematic of science and also part of being human," added Jeanne Gang from Studio Gang Architects. "Upon entering the space, natural daylight from above and sightlines to various activities inside invite movement through the Central Exhibition Hall on a journey towards deeper understanding. The architectural design grew out of the Museum's mission."

Approximately 80% of the project will be located within the area currently occupied by the Museum. Three existing Museum buildings will be removed to minimize the Gilder Center footprint in Theodore Roosevelt Park to about 11,600 square feet. Ralph Appelbaum of Ralph Appelbaum Associates is designing the exhibition experiences, and the landscape architecture firm is Reed Hilderbrand.

For more news and information visit Blumberg Partners.

John Hancock Buys OC Office Property for $105M

John Hancock Real Estate, also known as Manulife Real Estate and a division of Manulife Financial, announced this week that it had purchased 5000 Birch in Newport Beach, California for $104.5 million. John Hancock purchased the two building, Class A office project from an undisclosed seller, though records reveal that the property previously traded hands in November 2002 to Cornerstone Real Estate Advisers by a joint venture between Aetna and Koll Development. Terms of the deal were not disclosed.

"We are excited to grow our global portfolio through continued investment in Orange County -- one of the fastest growing office markets in the U.S.," said Kevin Adolphe, President & Chief Executive Officer of Manulife Real Estate and President & Chief Executive Officer of Manulife Asset Management Private Markets. "Our acquisition of 5000 Birch further strengthens our long-standing investment in California where we now actively manage over 9 million SF."

The 306,000 square foot property, also known as Koll Center Newport, was originally constructed in 1982. 5000 Birch features a highly coveted Newport Beach address and is located at the gateway between Newport Beach and The Irvine Business Complex. The center is nearby The Sutton Place Hotel and The Pacific Club provide retail shops and banking as well as having excellent access to the John Wayne Airport and major freeways.

For more news and information visit Blumberg Partners.

Weyerhaeuser Buying Plum Creek, Creating $23B REIT

Weyerhaeuser Company announced that it has agreed to buy Plum Creek Timber Co. for about $8.4 billion, merging to create a timber, land and forest products company with an equity value of $23 billion, based on current share prices. The new company will own more than 13 million acres of timberland across the U.S., operating under the Weyerhaeuser name and ranking sixth among publicly traded companies based in Washington state. Plum Creek shareholders will receive 1.6 shares of Weyerhaeuser stock for each Plum Creek share held, with Weyerhaeuser holders owning about 65% of the combined company's common stock. Doyle Simons, the president and CEO of Weyerhaeuser, will continue to serve as president and CEO of the new company.

"With an extraordinary set of combined assets and the proven value creation records of both Weyerhaeuser and Plum Creek, the combined company will offer a compelling opportunity for shareholders," said Rick Holley, chief executive officer for Plum Creek, who will be a non-executive chairman at Weyerhaeuser. "These two companies are already best-in-class timberland managers with a relentless focus on sustainable resource management."

Analysts said it's an epic consolidation move in an otherwise fragmented industry. "In the private timberland industry, they become a Goliath," said Steven Chercover, a senior research analyst at brokerage D.A. Davidson & Co. "This couldn't get any bigger." Chercover said he'd expect the companies to cut a big chunk of duplicated overhead costs.

"We're excited to combine the two leaders in our industry to create the world's premier timber, land and forest products company," said Doyle Simons, president and chief executive officer of Weyerhaeuser. "This new company will create tremendous benefit for shareholders as we drive value through shared best practices, economies of scale, cost synergies, operational excellence and disciplined capital allocation. Our customers and employees will also benefit as we form a winning team with common values and unparalleled expertise in timber, land and manufacturing."

Weyerhaeuser, based in Federal Way, Washington, also said that it may spin off its cellulose fibers business, which includes five pulp mills. For more news and information visit Blumberg Partners.

Northstar Acquires Office-Industrial Portfolio for $224M

Denver-based Northstar Commercial Partners, a privately held commercial real estate investment company, announced this week that it had purchased a 24-property national U.S. portfolio for $224 million. Northstar purchased the portfolio from Mr. Moshe Silagi, President of Silagi Development & Management (SDM), with a $178.5 million loan secured by Cohen Financial with Prime Finance Partners, a national privately-held commercial real estate finance company.

"This deal is the most significant acquisition in Northstar's company history, bringing along with it our largest opportunity to date to create a positive impact for businesses and local communities nationwide," Brian Watson, Northstar Commercial Partners' Founder & CEO, said in a press release. "It is very rare in this economic environment to acquire an off-market deal of this magnitude, diversity, and low occupancy rate, in order to drive very attractive opportunistic level returns."

The portfolio includes 13 industrial warehouse & manufacturing facilities, eight office buildings and three retail assets, all totaling 5,918,835 square feet on 486 acres. Twenty-one of the facilities included in the 24-property acquisition are located in towns or areas with high unemployment, often times well above national and state averages; the properties had an overall vacancy of 40% at the time of sale. Watson explained: "The fact that the vast majority of these properties are found in places where people need work, and are looking for greater opportunity, makes us at Northstar all the more eager to be involved."

For more news and information visit Blumberg Partners.

Blumberg in the News

Blumberg Grain was featured in an article from The Hindu BusinessLine today, Warehousing, food storage services companies keen on India, in which Anshuman Magazine, CMD of CBRE South Asia, shares insights into the market. An excerpt follows:

"Few companies have already expressed interest. Recently, companies like Blumberg Grain, a US-based warehousing solutions provider, have shown interest to establish their manufacturing base and warehousing facilities," he added.

The entry of such brands may help the existing technological know-how in the field, and improve them to global standards, thus creating more employment opportunities.

Delhi-NCR, Mumbai and Bengaluru are likely to remain major hubs for retail distribution centres; Pune and Chennai are likely to see healthy demand for industrial warehousing.

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

GLP's New $4.5B 100 Property Industrial Portfolio

Global Logistics Properties (GLP), a leading provider of modern logistics facilities in China, Japan and Brazil, announced this week that it had completed the acquisition of a $4.55 billion portfolio from Industrial Income Trust (IIT), creating one of the largest real estate deals this year. The deal will be closed over the course of 100 separate transactions and result in GLP owning 100% of IIT's portfolio, and ITT officially merging with Western Logistics II LLC, an affiliate of GLP.

"This transaction complements our existing portfolio well, expanding GLP's size and scale in the U.S.," GLP's Chief Operating Officer Stephen Schutte said in a press release. "We feel particularly good about the quality and location of the facilities, which have an average building age of 15 years and a strong concentration in major distribution markets. We are excited about the synergies the combined portfolio is expected to generate and see upside potential from increasing occupancy and rents."

The portfolio comprises 58 million square feet of state-of-the-art, in-fill logistics assets spread across 20 major markets. The largest markets include Los Angeles, Metro D.C. and Pennsylvania. The portfolio was 93% leased as of 30 June 2015, with a weighted average lease expiry of nearly 5.5 years. GLP says the transaction enlarges GLP’s US footprint by 50% by 173 million sq ft, making GLP the second-largest property owner and operator in the US within a year of market entry. The deal comes just months after GLP made its first entrance into the US market with the acquisition of IndCor Properties this past May.

For more news and information visit Blumberg Partners.

LogistiCenter at 33 Breaks Ground

Reno, NV-based commercial real estate developer Dermody Properties and PCCP, the financial partner and a San Francisco real estate finance and investment management firm, broke ground on LogistiCenter at 33, an industrial facility at 4200 E. Braden Blvd. in Forks Township, PA. Jones Lang LaSalle, which has an office in the Lehigh Valley, is the leasing team for the property. HFF served as the broker that represented J.G. Petrucci and Co. in the sale of the property to Dermody and PCCP, according to Gene Preston, partner for the east region of Dermody Properties.

Preston said the new Charles Chrin Interchange along Route 33 in neighboring Palmer Township prompted the deal. "That is the overriding reason ... the new interchange that opened up the Route 33 corridor," Preston said Monday. The interchange, which opened in July, provides easier access to Route 33 and adjoining interstates from business centers such as the one in Forks Township.

"PCCP sees this as a compelling opportunity to develop a Class A industrial facility with Dermody Properties, a best-in-class developer," added John Randall, Managing Director with PCCP. "Additionally, the local industrial market incorporates all of the key fundamentals that promise to attract large user interest. Our goal is to pre-lease the property prior to completion of construction."

Expected to be completed by summer 2016, the facility will feature 36 feet of clear height, 226 car parking spaces, and 85 trailer parking spaces. LogistiCenter at 33 is ideally suited for manufacturing, warehouse, and distribution companies that need to reach the northeastern U.S. population quickly and efficiently. R. S. Mowery & Sons, Inc. is the general contractor for the project, and the firm of Randall Paulson is serving as the project architect.

For more news and information visit Blumberg Partners.