Denver's Union Tower West Moving Forward

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

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

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

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

For more news and information visit Blumberg Capital Partners.

Regions Bank Office Building in Jonesboro Sold

Haag Brown Commercial Real Estate and Development, a Jonesboro, Arkansas-based commercial real estate brokerage, announced that it has purchased one of the biggest buildings in Jonesboro. Haag Brown Commercial Real Estate & Development of Jonesboro and Colliers International in Little Rock are part of an ownership group that purchased the property for $3.4 million from an entity owned by Jonesboro developer Bruce Burrow and his business partner, Marty Belz of Memphis, according to an Arkansas Business article. Terms of the deal were not disclosed.

"Our partnership and ongoing relationship with Colliers International in Little Rock led to our direct involvement in the purchase and re-branding of this building. We have big plans for this multi-story development and are looking forward to watching our vision become reality," said Joshua Brown of Haag Brown. We have always had a good relationship with Kevin Huchingson and Isaac Smith from Colliers. Their firm manages over 14,000,000 SF of commercial real estate. Our immediate plans are to start the largest, most efficient, and innovative commercial property management company in the Northeast Arkansas Trade area."

The building at 2400 Highland Drive, once known as MBC Plaza that now serves as the Regions Bank building, includes roughly 52,000 square-feet of office space. The five-story building will be renamed the 2400 Building, according to a news release from Haag Brown. Haag Brown will lease the property and Colliers will manage it. Current tenants include Region's Bank, the FBI, Congressman Rick Crawford and Raymond James.

For more news and information visit Blumberg Capital Partners.

Fort Lauderdale's One Financial Plaza Sold for $44M

One Financial Plaza in Fort Lauderdale was sold to a joint venture between Crocker Partners and Westcity Realty for $44 million according to a Sun Sentinel article. The price is a 25% discount on the $58.7 million mortgage; in June 2009 the previous owner, One Financial Center LLC, agreed to a $64.2 million foreclosure judgement on the property. The developer had originally purchased the property for $65 million in 2007.

The 28 story property at 100 SE Third Ave. is home to the Tower Club and Regions Bank. At the time of sale the 236,000 square foot building was roughly 80% leased. One Financial Plaza was initially opened in 1972 and in 2009 construction was completed to rebuild a storm-grade curtain wall and modernize the facade in accordance with post-Hurricane Andrew building codes.

For more news and information visit Blumberg Capital Partners.

KBS Acquires City Place Tower in West Palm Beach

KBS Real Estate Investment Trust II has completed the acquisition of City Place Tower in West Palm Beach, FL for $126.5 million, plus closing costs, according to a South Florida Business Journal article. City Place Office 1 LLC, a joint venture of co-developers Crocker Partners and the Related Companies, sold the $110 million property at $427 per square foot. According to a public filing, the building is expected to generate nearly $73 million in rent from 2011 to 2015.

"City Place Tower is the newest office tower in the Central Business District and the only one built to current ‘hurricane resistant’ code and to offer full back-up power capabilities," said Shannon Hill, KBS Realty Advisors senior vice president, director of acquisitions and dispositions.

City Place Tower includes 8,390 square feet of retail space, plus the first six floors of the building contain 270 parking spaces. The tower was 86% leased at the time of sale with major tenants including Intech (Janus Funds), Cleveland Clinic, Carlton Fields, Edwards Angell, Novak Druce, Shutts & Bowen and Regions Bank.

For more news and information visit Blumberg Capital Partners.