Stonewater Buys Illinois Office Complex
Commercial Real Estate News, December 1, 2003
Stonewater Partners has acquired a 105,400-square-foot office complex in
Champaign, Ill., that is fully leased to Amdocs Ltd., a publicly held software
company.
Amdocs occupies the four-building complex under leases that run through 2011 and
2012. Stonewater did not disclose a purchase price.
Wells Fargo provided $10 million of fixed-rate financing for the purchase.
Stonewater was founded by David Stade and Jeffrey Toporek, two former Eastdil
Realty investment-sales executives. Their goal is to acquire single-tenant
office and industrial properties that are occupied under leases that have two to
10 years remaining on their terms and increase the properties' value by
negotiating extensions to those leases. Purchases generally are leveraged by 75
percent.
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