DENVER, Dec. 20, 2019 /PRNewswire/ -- Northstar Commercial Partners announced the sale of its property located at 1855 Chicago Avenue in Riverside, California for $2.4 Million. The 16,030 SF office building was purchased in 2015 as one of 24 total assets in a portfolio acquisition totaling $224.3 Million.
"I am very pleased with the sale of this Riverside, California office building," shared Brian Watson, Founder and CEO of Northstar. "Taking on a sizeable 24 asset portfolio covering 13 States was a serious undertaking, and I'm especially proud of my team for the way they have been able to execute on each asset."
"The original plan for the building was to lease and sell it alongside the neighboring complex also owned by Northstar," stated Cary Wicker, Director of Asset Management at Northstar Commercial Partners. "However, we found a user that was eager to bring their financial services company to the area, so everything lined up well."
Watson concluded, "This portfolio was a value-add investment strategy, and I am pleased we have been able to lease-up and/or sell the assets at the rate we have, this property included."
Northstar Commercial Partners 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. Watson founded the company in 2000.