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Domenico De Sole, chairman of Sotheby's Board of Directors, says that the board of directors approved the purchase deal after a comprehensive review. “After more than 30 years as a public company, the time is right for Sotheby's to return to private ownership to continue on a path of growth and success," he says.
For the past six years, Transwestern has provided investment advisory services to Sumitomo Corporation of Americas including sourcing, property evaluations, operational assessments and market assessments.
“Core to BlackRock Real Assets' investment process is the integration of ESG considerations, including sound governance practices,” says CIO Jim Barry.
The newly developed property was sold by AC Packer West, which was represented in the transaction by CBRE's Joe Ayers, Cliff Taylor and Shelton Granade. The deal calculated out to $211,333 per unit.