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| 1801 East Holt, Ontario, CA |
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| John Drachman |
IRVINE, CA -- Leveraging its experience in the greater Ontario market, Stillwater
Investment Group, an Orange County-based real estate firm focused on pursuing
opportunistic real estate investments, has announced acquisition of a
value-add, two-story, 34,500-square-foot office building in the City of
Ontario.
Built in 2007, the property,
located at 1801 E. Holt, is currently unoccupied. Stillwater plans to
take advantage of limited new development and the diminishing blocks of space
in the market for the 20,000-square-foot and up size range, noting that the
acquisition timing is good based on a strong resurgence of office leasing and
investment activity occurring in the region.
Stillwater purchased the property from Rialto Capital for
$2.35 million. Phil Woodford, Senior Vice President with CBRE,
represented both the buyer and seller. The firm plans to complete a number of
interior improvements to the property in preparation to sell or lease.
“This property fits our acquisition strategy perfectly. I’ve
had success in Ontario working on other properties and this asset provided the
opportunity to begin building Stillwater’s portfolio. It’s indicative of the
types of opportunistic, value-add properties that we are seeking to acquire as
we move forward,” said John Drachman, President of Stillwater Investment
Group. Drachman started Stillwater in 2014.
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| Phil Woodford |
Drachman added that he has seen firsthand the recent gains
in the recovering Ontario office market.
Woodford also cited that that with no new office product
construction planned in the Inland Empire for a considerable amount of time, landlords
will be able to take advantage of the decreasing availability of space.
He also shared that the increased frequency
of investment sales has added to the further stabilization of strong office
corridors such as Ontario.
“Near the close of 2014, we had a user acquire an entire
six-story, 144,000-square-foot Ontario office building that had been vacant.
That kind of tenant activity coupled with new investors such as Stillwater
entering the market helps to create important momentum at just the right time
in the cycle,” added Woodford.
The acquired property is located in Ontario’s primary
business district, approximately one block from the Ontario Convention Center
with immediate access to the 10 and 15 freeways and Ontario International
Airport.
Drachman shared, “Stillwater Investment Group plans to
acquire additional value-add real estate opportunities throughout Southern
California. I believe that an improving economy along with improving
fundamentals will provide many sources for future acquisitions.”
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
