DENVER, Aug. 15, 2019 /PRNewswire/ -- Northstar Commercial Partners announced the sale of its property located at 1595 Spruce Street, Riverside, California, USA, for $6 million. The 67,076 SF office building on 6.07 acres was purchased in 2015 by a Northstar affiliated entity as one of 24 total assets in a portfolio acquisition totaling $224.3 million.
"We are pleased with the sale of this asset," said Brian Watson, Founder & CEO of Northstar. "Since acquiring this 24 asset portfolio in 13 States, our goal has been to find the best deals for each asset. We believe we have done that to date, and this property is no exception."
"This property is special in that it is located in an opportunity zone," said Cary Wicker, Director of Asset Management at Northstar Commercial Partners, and the asset manager for the California assets. "Our marketing plan entailed direct marketing to buyers focused in these areas, remaining consistent with our core philosophy. We appreciate our brokers, Gary Stache, Doug Mack, Vindar Batoosingh, and Phil Woodford of CBRE, who were successful in finding the right buyer and executing the sale."
Watson concluded, "I'm very proud of the Northstar team for the way in which they have advocated for this building, and others in our portfolio."
Northstar specializes in buying vacant, distressed and value-add assets throughout the United States, in order to help stabilize properties, and create jobs and opportunities in local communities. Since Watson founded the company in 2000, Northstar has closed more than 140 deals, and currently has 45 retail, office, industrial/warehouse, medical, senior care, data center facilities in 15 states under its investment, development, and management. The portfolio exceeds $1.4 billion of market value.
To learn more about Northstar Commercial Partners, please visit www.northstarcp.com.
Media contact: Taylor Watson
SOURCE Northstar Commercial Partners