Sysmex Corporate Center Sold in September to Cole

An affiliate of Cole Real Estate Investments purchased Sysmex Corporate Center, a 162,739-square-foot office property in Lincolnshire, for $49.7 million, free and clear of existing debt.. HFF represented the sellers, Bridge Development Co. and Globe Corp., in the transaction. The sales price breaks down to about $307 per square foot according to a GlobeSt.com article.

Completed in 2010, the Class A facility at 577 Aptakisic Rd. in Lincolnshire, IL, is fully occupied and triple-net leased to Sysmex American Inc., for its North and South American headquarters. The company develops and sells clinical laboratory equipment. The lease is guaranteed by Sysmex Corporation, a Japan-based company that is principally engaged in the health care business and is publicly traded on the Tokyo Stock Exchange.

For more news and information visit Blumberg Capital Partners.

American Realty and McShane to Build Cherry Logistics Center

McShane Construction Co. and Irvine, Calif.-based HPA Inc. were tapped to design and build the 29-acre Cherry Logistics Center according to a Chicago Business Journal article. American Realty Advisors and McShane Development Company have formed a joint venture for the acquisition and development of a premier industrial site located in Newark, California, the heart of the Bay Area's supply-constrained East Bay industrial submarket.

American's Chairman and CEO, Stanley L. Iezman, stated, "We believe the Cherry Logistics Center, when completed, will benefit from robust demand growth over the near- and long-term as the San Francisco Bay Area is the global leader in technology and innovation. Located at the center of the metro area's 7 million people, the property provides easy access to transportation infrastructure including major freeways, bridges, three international airports, and the Port of Oakland. As the existing warehouse inventory is older and inefficient, we expect this state-of-the-art logistics facility to fill the growing needs and requirements for increasingly sophisticated local and regional distributors."

Located at 38811 Cherry Street, the plot for the Cherry Logistics Center will be redeveloped into a state-of-the-art, Class A 575,000 SF cross-dock LEED distribution facility. Cherry Logistics Center is expected to be completed in the fourth quarter of 2013.

For more news and information visit Blumberg Capital Partners.

IIT Buys Chantilly Business Center II for $17.5M

Industrial Income Trust (IIT), a non-traded real estate investment trust (REIT) that acquires and operates high-quality distribution warehouses and other industrial properties, acquired Chantilly Business Center II this week for $17.55 million. Transwestern brokered the sale of the 160,000 square foot Class A warehouse on behalf of Principal Life Insurance Company.

"This was a rare opportunity to buy a trophy asset in the Chantilly Industrial market," said Mark Glagola, Transwestern broker. "There was significant investor interest and in the end, we were very pleased with the pricing results." The fully leased warehouse at 3920 Stonecroft Boulevard in Chantilly, VA was originally constructed in 1996 and is situated on 15 acres. According to Fairfax County records, the property previously sold in April 1999 for 8,600,000, and for $1,413,418 before that in 1996.

For ore news and information visit Blumberg Capital Partners.

Investcorp Grows US Office Portfolio by Over $140M

Investcorp, a leading global provider and manager of alternative investment products, announced today that it had acquired seven high-quality office properties worth $140 million across key markets in the US. Covering over 900,000 square feet, the deals include two real estate equity acquisitions and one debt financing investment. The properties, with occupancy rates in excess of 95 percent, are leased by longstanding tenants including; the National Institute of Health in the Keystone Office Park in Raleigh, North Carolina; Oracle, in in the Duke Bridges office park complex in Frisco, Texas and; the law firm BakerHostetler in the Denver, Colorado suburb of Lakewood. Investcorp currently manages more than $11.5 billion in assets.

"Our real estate team has a proven track record of finding high-quality assets in metropolitan communities with strong diversified employment and economic growth above national levels that provide stable and attractive cash flows," said Investcorp president of Gulf business Mohammed Al Shroogi in a Gulf Daily News article.

Christopher Hoeffel, a managing director in Investcorp's Real Estate group continued, "Office properties in growth markets with strong demand generators are on the rebound, and can be purchased at better valuations than similar properties in major gateway cities. Rooted in our value-oriented investment approach, we also see significant opportunities for high-quality, performing debt investments that can be acquired or originated at attractive yields."

For more news and information visit Blumberg Capital Partners.

Tishman Speyer Sells Two Alliance Center for $146.7M

Raleigh-based Highwoods Properties, Inc. announced that it had purchased Two Alliance Center in the Buckhead submarket of Atlanta for $146.7 million. According to an Atlanta Journal-Constitution article, real estate developer Tishman Speyer sold the iconic Buckhead office tower to Highwoods, which plans to spend about $800,000 in renovations to improve the building.

Ed Fritsch, president and chief executive officer of Highwoods, stated, "This investment garners us one of the best Class A office buildings in the southeast, a new building with a well-diversified rent roll that we acquired at a 10% discount to replacement cost. The building has an average remaining lease term of ten years and no lease expirations until 2017, when less than 24,000 square feet is scheduled to expire."

Completed in 2009, the 29-story, 492,000 square foot office tower at 3500 Lenox Road NE was designed by Smallwood, Reynolds, Stewart, Stewart & Associates, Inc. Two Alliance Center is within walking distance to both Phipps Plaza and Lenox Square Mall, two upscale malls, as well as a number of luxury hotels, including the Ritz-Carlton and the Mandarin Oriental. The property was roughly 90% leased at the time of sale with major tenants including Novelis Inc. and Marsh & McLennan Cos.

For more news and information visit Blumberg Capital Partners.

One Channel Center Gets $170M Construction Loan

HFF announced that it had arranged a $170 million construction loan for One Channel Center in Boston, a new development by AREA Property Partners and Commonwealth Ventures in Boston's Seaport District. The HFF team led by managing director Anthony Cutone and director Porter Terry worked on behalf of AREA and Commonwealth to secure the construction loan according to a Boston Herald article.

"One Channel Center is an exciting and appropriate culmination of its investors' vision and dedication to establishing Channel Center as a vibrant commercial and residential neighborhood," said Cutone. "Combining top-notch sponsorship, a central urban location and premier tenancy, the project epitomizes successful urban development."

The property will feature an 11-story, 500,000 square foot Class A office building leased in its entirety to State Street Corporation, and an adjacent 960-space parking garage. One Channel Center will also include two new open space areas: the New Park and Iron Street Park. The New park will be approximately 72,000 square feet and will include a multi-use turf grass lawn area and an area for more passive recreational uses. Iron Street park will be approximately 9,000 square feet. The project broke ground this past summer and is slated for delivery in early 2014.

For more news and information visit Blumberg Capital Partners.

American Realty Acquires Class A Industrial Space

American Realty Advisors announced this week that it had acquired 10825 Production Avenue in Fontana, CA, part of the Inland Empire. Terms of the deal were not disclosed, but Cushman Wakefield listed the property as one of its significant lease hilights in 3Q 2007. American's Chairman and CEO, Stanley L. Iezman, stated, "Continuing innovations in large-scale supply chain management have increased demand for the highly functional space offered by 10825 Production Avenue. With less than 2% vacancy in industrial properties greater than 500,000 SF in this market, the scarcity of core-quality assets like this will likely generate strong rent growth and tenant demand during the asset's anticipated holding period and is expected to generate superior returns for our clients. This acquisition reflects our commitment to enhancing our clients' portfolios with best-in-class assets in high-performing markets across the U.S."

Built in 2006, the 753,170 square foot low-rise building was designed by GAA Architects Inc. for $30 million according to an Emporis listing. 10825 Production Avenue is home to the California Distribution Center for Lifetime Brands which has leased 100% of the property. The building is situated on 29.8 acres in the Sierra Business Park, a 200+ acre master-planned industrial complex, and offers tenants enhanced amenities, extensive landscaping, and a campus-like environment.

For more news and information visit Blumberg Capital Partners.