Stonewater Closes on a $10.55 Million Office Building in Chicago, IL; 100% Leased to Verizon Wireless
White Plains, NY – December 21, 2004:
Stonewater Partners announced today that it has closed on the purchase of the
Verizon Wireless Building, a 127,280 square foot Class-A office building in
Chicago, IL for $10,550,000.
The building is 100% leased to Verizon Wireless through 2007. Commenting on the
transaction, Jeffrey Toporek, a Stonewater principal, stated "the short-term
nature of the lease provides Stonewater the opportunity to purchase the asset at
a significant discount to replacement cost.”
David Stade, also a Stonewater principal, added “the transaction provides
further credit diversification to Stonewater’s portfolio with A+ rated Verizon
Wireless. The acquisition is the firm’s second in Illinois and marks $110
million of acquisitions for Stonewater’s inaugural year.”
Wells Fargo Bank NA provided floating rate acquisition financing of $6.05
million.
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