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Boulder Seeks Partner for $110M Investment

NORTHBROOK, IL-The local company has plans to pursue a joint venture to invest in single tenant office and industrial assets in major metropolitan areas nationwide.

By Cari Brokamp | Updated on December 08, 2008

NORTHBROOK, IL-Boulder Net Lease Funds is seeking a partner for a $110 million joint venture to invest in single tenant office and industrial assets in major metropolitan areas nationwide. The company seeks an arrangement in which Boulder can be the minority partner in a joint venture that would place about $50 million in equity and another $60 million in debt, for a total of $110 million, to invest in properties. The company currently owns properties in Austin, Dallas, Kansas City, Indianapolis, and Lincoln, NE. “We’re really confident we can get good pricing for properties in the second and third quarter of 2009,” Randy Blankstein, president of Boulder tells GlobeSt.com.

The company’s first joint venture with Greenfield Partners started in 2004 and ended in 2007. The partnership resulted in the purchase of six properties for about $68 million, all of which have since been sold. The real estate investment company has just completed its second joint venture with ORIX Real Estate Capital, through which five properties were purchased for $78 million. Boulder and ORIX still own the facilities and continue to operate them, but are not investing in any further properties jointly. “ORIX is looking to pursue debt in mezzanine in 2009, so we’re looking for a new partner to continue investing in what we’ve done for the past five years – single tenant net lease office/industrial properties with short-term leases,” Blankstein says.

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