ALBUQUERQUE-A father-and-son partnership from the Midwest hasclaimed a three-property office portfolio and a warehouse, totaling96,975 sf. Area experts say the seller, a local builder, hasreceived slightly less than the $21-million ask for the100%-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.” Inaddition, she says the developer is more interested in designingand building LEED office projects than managing properties.

According to Peixotto, the seller had requested a limitedmarketing, resulting in seven offers for buildings developedbetween 2000 and 2003. The buyer is a joint venture made up ofWarren Blumenthal of Milwaukee and Steve Blumenthal of Chicago. Shecredits the buyer's reputation and certainty of close with winningthe deal. Peixotto partnered with CBRE vice presidents HunterGreene and Jack Dailey and associate Joel White to sell theproperties.