Stonewater Closes on $100 Million of Acquisitions in One Year
White Plains, NY – December 15, 2004:
Stonewater Partners announced today that it has closed on the purchase of the
Gottschalks Portfolio
consisting of 603,750 square feet in California’s Central Valley.
The Portfolio is 100% leased to Gottschalks, a regional department store
retailer. The properties consist of two department stores in Bakersfield
and Stockton and the company’s warehouse/distribution facility in Madera.
Commenting on the transaction, David Stade, a Stonewater principal,
stated "the transaction is Stonewater’s first acquisition in California with an
attractive price per square foot. In addition, the properties are
strategic and mission critical to the Company.”
Jeffrey Toporek, also a Stonewater principal, added “the transaction adds the
first warehouse and retail assets to Stonewater’s portfolio.
The purchase also marks $100 million of acquisitions for the firm’s inaugural
year, exceeding our initial target of $50 million.”
Wells Fargo Bank NA provided floating rate acquisition financing of $15.6
million.
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