-- Commercial Real Estate Sales Raise Cash for Future Investment --
TAMPA, Fla., Oct. 6 /PRNewswire/ -- Blumberg Capital Partners, a Coral
Gables, Fla.-based investment fund manager, today announced it has
completed a two-year strategy to dispose of its major commercial real
estate holdings nationally, raising cash to capitalize on strategic
investment opportunities, amid a tightened credit environment and lower
asset prices. The most recent transaction was completed last month, with
the $9.3 million sale of its smallest holding, a 76,397-square-foot office
building in Tampa, Fla.
Chief investment strategist Philip Blumberg, Chairman and CEO of
Blumberg Capital Partners, said the cash raised from the dispositions will
allow his Funds to explore investment opportunities in office building
investment, media and entertainment, distressed debt, and European REITs.
"The sale of our Tampa office building encapsulates a strategy we've
undertaken since 2006, in anticipation of a weakening economy," said
Blumberg. "We originally bought the property for $3.3 million, and it
provided great cash flow and growth. We more than achieved our expected
return, even though we believe there is more upside."
The Tampa sale follows closely a transaction completed earlier this
year when Blumberg Capital Partners sold its 400,000 square-foot Houston
office tower (Three Riverway). The Blumberg office properties portfolio is
well known for its first-class management team and amenities, including
conference rooms and fitness centers, executive suite clubs, saunas, and
wireless Internet access throughout common areas. Such features illustrate
the commitment of Blumberg Capital Partners, which invests heavily on such
offerings as part of its Blumberg Office package of premium tenant
services, "first and foremost it's about keeping our tenants happy," said
Blumberg.
In 2006, Blumberg Capital Partners, in separate transactions, sold
various office towers in Miami and Coral Gables, Fla. The Miami transaction
set a Florida record at the time for price paid per square foot of
commercial real estate.
Founded in 1979, Blumberg Capital Partners has generated solid returns
for its investors, averaging in excess of 15 percent annually from 1992 -
2008. Blumberg's investment philosophy emphasizes stability and security,
in an attempt to avoid over-reaching for extra yield at the expense of
safety and the invested capital of its investors. His investment funds have
relied on internally generated cash and investor contributions, utilizing
moderate leverage only to fund commercial real estate purchases.
Its core specialty is in U.S. commercial real estate, including
acquisitions and divestments, market research, due diligence, and the
management and leasing of commercial properties. For more information,
visit http://www.blumbergcapitalpartners.com/shpr.
Contact:
Sean Healy, 201-218-2039
sean.healy@fleishman.com
Ludovic Roche, 305-569-9500
lroche@blumbergcapitalpartners.com
SOURCE Blumberg Capital Partners
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Related links:
http://www.blumbergcapitalpartners.com/shpr
http://www.blumbergcapitalpartners.com
CONTACT:
Sean Healy, +1-201-218-2039,
sean.healy@fleishman.com, for Blumberg Capital; or Ludovic Roche
of Blumberg Capital, +1-305-569-9500,
lroche@blumbergcapitalpartners.com
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