ALBUQUERQUE-A father-and-son partnership from the Midwest has claimed a three-property office portfolio and a warehouse, totaling 96,975 sf. Area experts say the seller, a local builder, has received slightly less than the $21-million ask for the 100%-occupied portfolio.

Patti Peixotto, first vice president with CB Richard Ellis' Albuquerque office, says the seller and developer, Knight Seavey, “was in a partnership that was dissolving, the market was right, the stars are aligned, so it was a good time for him to sell.” In addition, she says the developer is more interested in designing and building LEED office projects than managing properties.

According to Peixotto, the seller had requested a limited marketing, resulting in seven offers for buildings developed between 2000 and 2003. The buyer is a joint venture made up of Warren Blumenthal of Milwaukee and Steve Blumenthal of Chicago. She credits the buyer's reputation and certainty of close with winning the deal. Peixotto partnered with CBRE vice presidents Hunter Greene and Jack Dailey and associate Joel White to sell the properties.

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