USA Realty Fund Nabs $79M Portfolio

BALTIMORE-USA Realty Fund, a separate account managed by the Union Labor Life Insurance Co., has acquired a $78.9-million portfolio of office towers here. Harbor Group International sold the buildings which total 572,756 sf.

Jeffrey Dunne, Steven Bardsley and Todd Newman of CB Richard Ellis’ New York Tri-State Region Institutional Group and Bo Cashman of CBRE’s Baltimore office acted as investment advisor for the seller–a group of companies that included HG Hopkins Holdings LLC, Hopkins Plaza Financial Associates LLC, HPFA Managing Co. LLC and East Baltimore Financial Associates LLC. The CBRE team also lined up the buyer for the deal.

According to Dunne, the 572,756-sf CBD portfolio is the first asset acquisition for USA Realty Fund. “It went from being a lender on real estate assets to owning some as well,” he tells GlobeSt.com. One of the primary goals behind its purchase, Dunne speculates, is the steady cash flow the portfolio yields.