Commercial Real Estate Sales Raise Cash for Future InvestmentTAMPA, FL /PRNewswire/ -- Blumberg Capital Partners, a Coral Gables, Fla.-based investment fund 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, (top right photo) 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) in above photo.
Contact:
Sean Healy, 201-218-2039. sean.healy@fleishman.com
Ludovic Roche, 305-569-9500, lroche@blumbergcapitalpartners.com
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