Chinese Firm Buys Antigua Portfolio for $60M

YIDA International Investment Antigua Limited has acquired a portfolio of developable land along the northeastern coast of Antigua for $60 million in a deal brokered by CBRE. CBRE Golf & Resort Properties was retained through an exclusive listing agreement (in conjunction with Smiths Gore) by the Joint Liquidators of Stanford International Bank. Earlier this summer, Prime Minister Gaston Browne signed a Memorandum of Agreement with Yida International Investment Antigua to pave the way for a two-billion dollar investment project in the twin-island-state. According to a GlobeSt report, the Chinese firm plans to create "Singulari," a multi-billion dollar mixed-use project including a golf resort, several five-star hotels, a horse track and residences stretching from the Crump Peninsula to Guiana Island.

"I promised the people that my administration would bring the type of investments to the country that will transform Antigua and Barbuda into an economic powerhouse and I am serious about that promise. This Memorandum of Agreement is the result of our determination to work in the interest of the people of the country," PM Browne stated.

This unique development opportunity represents the last remaining piece of the Antigua portion of the Stanford International Bank dissolution. Approximately 1,500 acres of adjacent island and mainland SIB property were recently sold. The portfolio is comprised 987 acres on the mainland, plus three adjacent islands for a combined total of approximately 1,522 acres. Prior development plans included five hotels (1,060 keys), 1,300 residential units, a casino, conference center, 27-hole golf course, marina, sports complex, commercial and retail space. The property is located in the parish of St. Peter, approximately 30 minutes from V.C. Bird International Airport.

For more news and information visit Blumberg Capital Partners.

JV Buys High-Tech Manufacturing Facility in PA

A joint venture between Advance Realty and The Davis Companies announced this week that it had purchased a 675,000 square foot high-tech assembly and warehouse facility in Lansdale, Pennsylvania. Equus Capital Partners sold the property, which includes 570,000 square feet of climate-controlled tech assembly space and 105,000 square feet of office space, after purchasing it in 2005 for $22.8 million from Visteon Systems, which constructed the facility in 1990 as an electronics plant for the Ford Motor Co. Terms of the deal were not disclosed.

Located near the northeast extension of the Pennsylvania Turnpike, 2750 Morris Road has convenient access to key arteries, including Routes 202, 309 and 63, and has direct frontage as well as visibility from the Pennsylvania Turnpike, according to a GlobeSt.com report. "2750 Morris Road offers significant in-place infrastructure at below replacement cost rents, which affords an environment that is not only unique in this marketplace, but competitively priced," said Peter Cocoziello, President and CEO of Advance Realty. "Both Advance Realty and The Davis Companies have deep experience adding value to properties so they can realize their significant underlying potential, and we look forward to seeing this asset fully-leased to companies looking to take advantage of the property’s inherent value."

For more news and information visit Blumberg Capital Partners.

Bellwether Enterprise Merges with Towle Financial Services

Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, Inc., announced that it had completed its merger with Towle Financial Services, a full service mortgage banking firm based in Minneapolis and Detroit founded over 100 years ago. As part of the merger, Towle's executive team will receive equity stake in Bellwether Enterprise, and the 11 employees will remain with the company. Towle, which has been in business since 1909, will gradually take on the Bellwether Enterprise name.

"The partnership is an important component of Bellwether Enterprise's overall growth strategy to increase market share and expand brand awareness throughout the country," said Ned Huffman, president of Bellwether Enterprise. "Towle's solid reputation and long-standing relationships in the areas it serves made the merger a smart choice for Bellwether Enterprise. We respect its longevity in the region and plan to change the name in due time. Our companies share similar qualities; both are rooted in the Midwest and provide boutique style service. We have overlapping connections with lenders and similar procedures in our servicing departments, which will make the transition smooth and more beneficial for our customers."

As reported by GlobeSt.com, the merger adds about $400 million in annual loan volume and $1.4 billion in servicing, and brings Bellwether's total annual loan volume to an estimated $2.5 billion and $8 billion in servicing. Ned Huffman told GlobeSt.com that "the goal within two or three years is to get to $3.5 to $4.0 billion a year" in loan volume and establish a true national presence with personnel handling affordable and market-rate business in every region.

For more news and information visit Blumberg Capital Partners.

Washington Prime Buying Glimcher Realty for $4.3B

Washington Prime Group Inc., a Bethesda, MD-based retail REIT, announced this week that it would acquire Glimcher Realty Trust for $4.3 billion in stock and cash, including the assumption of debt, a transaction valued at $14.20 per Glimcher common share. According to an ABC News report, after the deal closes, which is expected to happen in the first quarter of 2015, the company will change its name to WP Glimcher. As part of the deal, Glimcher will sell two shopping centers to Simon Property Group Inc. for $1.09 billion. The two shopping centers being sold are Jersey Gardens in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas.

Mark Ordan, Chief Executive Officer of Washington Prime Group, said of the deal, "We went public just three months ago, expecting to utilize our strong platform, relationship with Simon, cash flow and investment grade balance sheet to grow. This transaction with Glimcher checks every box, very early in our company's trajectory."

"We believe there is immediate benefit to our shareholders and our associates when we consider the growth profile of the joint company," added Michael Glimcher, Chairman of the Board and CEO of Glimcher Realty Trust. "Together, we gain a competitive advantage with a premier balance sheet, a larger pool of assets, and a proven platform to deliver results."

Washington Prime Group owns and manages 96 shopping centers totaling more than 50 million square feet. Columbus, Ohio-based Glimcher Realty is a developer of retail properties, including mixed use, open-air and enclosed regional malls as well as outlet centers. The combined company will be comprised of about 68 million square feet of gross leasable area and will have a combined portfolio of 119 properties.

For more news and information visit Blumberg Capital Partners.

Exeter Buys SK Food Warehouse for $21M

Exeter Property Group, a Plymouth Meeting, PA-based real estate investment management firm, has picked up an industrial warehouse in Groveport, OH for $21 million, according to public records. Terms of the deal were not disclosed, but it is known that CBRE Group agents Rick Trott and Michael Mullady led the regional marketing efforts on behalf of the seller, Opus Group.

The Opus Group leased the last of the space this past march to SK Food Group, which occupies 180,000 square feet at the Rickenbacker 7 property within the Opus Business Center in Groveport, according to a Columbus Business First article. Located between Alum Creek Road and Swisher Road, the 496,156-square-foot property at 3301-3361 Toy Road also serves as a distribution facility for Union Supply Group. Building features include a clear height of 36 feet, column spacing of 48 by 50 feet and an ESFR sprinkler system.

Opus has worked the Columbus industrial market since 1994 when it built a 509,000-square-foot, build-to-suit distribution center for appliance maker Whirlpool. It started its first speculative building near Rickenbacker in 1997. It has since built seven distribution centers beyond the former Whirlpool facility with a combined 3.6 million square feet.

For more news and information visit Blumberg Capital Partners.

Glenfield Capital Buys LaSalle Portfolio

Glenfield Capital, a private real estate investment company based in Atlanta, has completed the purchase of the LaSalle portfolio in suburban Atlanta for $37.5 million. James P. Cate, Managing Principal of Glenfield Capital, announced the acquisition this week, which adds another 400,000 square feet of office space to the company's holdings. The portfolio covers five properties, known in the Atlanta commercial real estate market as the Peachtree North Portfolio and later the LaSalle Portfolio, and includes:

100,000 square feet at 6465 East Johns Crossing (Johns Creek)
100,000 square feet each at 6525 & 6575 The Corners Parkway, and
50,000 square feet each at 6025 & 6075 The Corners Parkway (Peachtree Corners)

"These properties are an excellent investment for our company, and this acquisition fits within our expansion plans throughout the region," said Cate of the purchase. "We are moving aggressively in today’s competitive commercial real estate market in the Southeast, and this is another timely acquisition. Our current holdings now total over 800,000 square feet."

Glenfield reports it has hired two leasing agencies in connection with its latest acquisition—Adam Viente of JLL will handle leasing at the Peachtree Corners properties and Michael Howell and Hunter Henritze with Lincoln Property Co. will lease the Johns Creek building. CBRE has been selected to handle property management for the portfolio, according to a GlobeSt.com report.

For more news and information visit Blumberg Capital Partners.

Amazon Seeks to Expand Seattle Footprint, Add One Block of Office Space

Amazon is hoping to increase its presence in the Denny-Triangle neighborhood by adding another 778,000 square feet of office space on a fourth block to its 3.3 million square foot, three-block campus in Seattle, according to proposals submitted to the city. The permit filing seeks to build a 24-story office tower, 6-story office building, 5-story office podium and retail space to the fourth block, which is bounded by Seventh and Eighth avenues and Blanchard and Bell streets. If the plans are approved by the city, it will give Amazon a total of nearly 4.1 million square feet of space on the four blocks.

In addition, the company's headquarters in the South Lake Union area totals 1.7 million square feet of office, and Amazon leases space in other buildings in downtown Seattle, according to a Puget Sound Business Journal article. Currently, the company is in a total of 3.7 million square feet, and by 2021 it will occupy 8.2 million square feet of space, according to commercial real estate trade group NAIOP. Based on industry standards for employees per square feet, that would be enough for around 41,000 employees.

For more news and information visit Blumberg Capital Partners.