Largo.jpg"/>Albany, NY Tony D’Auria and Jim Carminati of Waterbourne Real Estate Advisors, LLC represented the estate of local builder/developer Sal Beltrone in the sale of its commercial real estate portfolio. The Salvatore Beltrone Marital Trust II, of Latham, sold 25 buildings it owns and manages for $57 million to primary buyer Rosenblum Development Corp. The deal triples the size of Rosenblums portfolio.
The portfolio, which largely is located in the town of Colonie and Latham, is a mix of buildings consisting of class A office, retail, and warehouse totaling 1 million s/f. The tenant mix included local and national companies as well as some government agencies.
Waterbourne was selected as the listing broker after a lengthy search and interview process by the Trust and their attorneys. Waterbocurne then began a discreet marketing campaign six months ago and received a dozen serious inquiries prior to being placed under contract with Rosenblum.
According to D’Auria, “This transaction is one of the largest Upstate New York has seen in some time. It’s not very often that an entire portfolio comes on the market at one time, particularly a portfolio as diverse and well regarded as this one.”
“We felt that it offered a real opportunity for someone either interested in entering the suburban Albany market in a big way,” said Carminati, “or in enhancing a portfolio they may own in that market.”
Largo-187-Wolf-Road-300x198.jpg" alt="187 Wolf Road - Albany, NY" width="300" height="198" /> 187 Wolf Road - Albany, NYRosenblum, the primary buyer, bought 14 of the properties including some class A office buildings along Wolf Rd., totaling 650,000 s/f for $33 million. The properties purchased are 187 Wolf Rd.; 1, 2 and 3 Winners Cir.; 1, 3, 5, 8, and 12 Selina Dr.; 42 and 70 Karner Rd.; and 20, 30A and 30B Post Rd.
Rosenblum arranged for the sale of 11 other properties in the portfolio. Among the third party buyers is locally based Rosetti Development Cos., which acquired Village Square Shopping Plaza as well as a 60,000 s/f office building and adjacent undeveloped parcel at 3 and 2 Lear Jet Ln., respectively.
“It was neither the Trusts’ or Waterbournes’ strategy to sell individual buildings,” said D’Auria, “but rather to market the properties in asset classes or as an entire portfolio. It turned out that the best deal we received was for the entire portfolio.”
Largo-3-Winner-Circle-2-300x199.jpg" alt="3 Winners Circle - Albany, NY" width="300" height="199" /> 3 Winners Circle - Albany, NYBrian Sheldrick, managing director of the Largo Group of Companies, arranged $11.4 million in permanent financing for 187 Wolf Rd. and 3 Winners Cir., on behalf of Rosenblum. The two properties total 160,000 s/f. Sheldrick secured a 12-year, non-recourse permanent first mortgage with 25 year amortization for the borrower through one of Largo’s correspondent life insurance companies.
Sign up is quick, easy, & FREE.
