Stonewater Closes on $100 Million of Acquisitions in One Year

Stonewater Partners announced today that it has closed on the purchase of a 603,750 square feet retail and distribution center portfolio, 100% leased to Gottschalks, in California's Central Valley for $22,650,000.

White Plains, NY (PRWEB) December 21, 2004 -- Stonewater Partners announced today that it has closed on the purchase of the Gottschalks Portfolio consisting of 603,750 square feet in Californias Central Valley for $22,650,000.

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 companys warehouse/distribution facility in Madera. Commenting on the transaction, David Stade, a Stonewater principal, stated "the transaction is Stonewaters 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 Stonewaters portfolio. The purchase also marks $100 million of acquisitions for the firms inaugural year, exceeding our initial target of $50 million."

Wells Fargo Bank NA provided floating rate acquisition financing of $15.6 million.

For further information:
Jeffrey Toporek
Tel: (914) 285-3700

David Stade
Tel: (310) 209-0500

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