“This is a once-in-a-lifetime opportunity to purchase portside land with unparalleled maritime access in one of the world's most land constrained port markets,” says Cushman & Wakefield's David Bernhaut.

The portfolio was purchased by an institutional investor for $57 million and was encumbered by CMBS debt, but selling it intact circumvented defeasance penalties that would have been triggered by carving up.

Varden Capital Partners repositioned the assets following a bulk purchase, and made healthy profits for investors while leaving a great value-add path ahead for Blue Rock, says Cushman & Wakefield's Tyler Averitt.

Cultivate is a new brokerage firm that will partner with owners and developers to curate a dining experience in office, multifamily and hotel properties.