Stonewater Completes $44.6 Million Portfolio Sale
Los Angeles, California – Stonewater Partners
announced today the disposition of a portfolio of two, single-tenant net leased
office properties occupied by Amdocs and Unisys for $44.6 million. The
facilities are respectively located in Champaign, Illinois and Minneapolis,
Minnesota. The buyer was a publicly traded REIT that assumed attractive existing
securitized financing. Steve Buss of CB Richard Ellis and the Transwestern team
of Gary Nussbaum and Tom Gorman co-represented Stonewater on the sale.
Commenting on the transaction, David Stade, a Stonewater principal, said "This
sale represents the successful execution of a business strategy we identified
when Stonewater was founded. We actively seek to acquire opportunistic real
estate – in this particular case single tenant properties – add value, and then
exit. In particular, Stonewater was a pioneer entering the Champaign market and
we are pleased to have institutionalized the asset and create liquidity for our
investors by selling to a Public REIT. Since acquiring the asset in 2003,
Stonewater expanded the building for Amdocs and the tenant recently won a
significant contract with Sprint/Nextel that is serviced at the Champaign
campus.”
Jeffrey Toporek, also a Stonewater principal, added: “The portfolio sale,
totaling nearly half a million square feet of office space, significantly
exceeded initial targeted returns. Exiting through a portfolio sale allowed us
to sell a balanced credit portfolio with critical mass in the Midwest. The sale
represents the first assets sold since Stonewater’s inception, well ahead of the
hold period projected at acquisition.”
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