Amstar Sells 182,000 Square Foot Industrial Property in a Premier Inland Empire Location
Denver, Colorado (PRWEB) January 15, 2015 -- Amstar, a Denver-based real estate investment manager, on behalf of one of its public retirement system clients, announced today the sale of 1650 Archibald, a 182,000 square foot industrial property in Ontario, CA. The name of the buyer, a company who will occupy the building, and sale price were not disclosed. Anthony J. Brent of HFF partnered with Brad Yates and Richard Schwartz of Colliers in representing the seller in this transaction. Joey Sugar of CBRE represented the buyer.
Amstar in partnership with Huntington Industrial Partners and BlackRidge Real Estate Group acquired 1650 Archibald in August 2013. Huntington and Amstar together own 2.3 million square feet across 15 industrial properties in the Southeastern US, Texas, and California, and are developing four speculative industrial properties totaling 1.1 million square feet in Atlanta and Dallas. Constructed in 1993, the property is located at 1650 Archibald Avenue within the Inland Empire West submarket, approximately 3 miles from Ontario International Airport. The property was leased to Atrium Windows and Doors, Inc., who gave notice to vacate the property upon its December 31, 2014 lease expiration and relocate its operations to Texas.
“Amstar created value for its client by making a strategic acquisition in a supply constrained market. When the tenant gave notice to vacate, Amstar maximized value by quickly selling to an owner/user when demand is near peak levels,” said Amstar Managing Director Tricia Noble, who leads the firm’s industrial investment platform.
“The investment provided a unique opportunity to acquire a fully stabilized off market second generation industrial headquarters located within one of the most premier locations of the Inland Empire. The risk of a shorter term lease obligation was mitigated by the opportunity to either renew the existing tenant or implement a user sale strategy into a market of low availability, lack of new construction, rising prices and abundant user demand,” said Anthony J. Brent, principal of BlackRidge Real Estate Group.
About Amstar
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles through a rotational investment strategy; it targets underperforming property sectors early in their fundamental recoveries, stabilizes those properties through active asset management, and sells when there is an abundance of capital seeking to enter that sector. Currently, Amstar and its clients utilize perpetual separate account structures which grant the flexibility needed to optimize risk-adjusted returns through multiple market cycles. Amstar is a privately-owned company with over 90 professionals, and is based on a culture of trust, integrity, and respect. For more information, visit http://www.amstar.com.
About Huntington Industrial Partners
Huntington Industrial Partners is an industrial real estate operating company with a strategic focus on acquiring and developing infill industrial properties in select U.S. markets. Huntington has offices in Atlanta, Dallas, Denver and Southern California that are staffed by local teams with extensive industrial experience, local market knowledge and established networks of market contacts.
About BlackRidge Real Estate Group
BlackRidge Real Estate Group is a real estate investment and operating company based in Newport Beach, CA. BlackRidge is comprised of principals with decades of experience in development, asset management, brokerage and construction.
Julie Dunn, [email protected], +1 303-522-2659, [email protected]
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