Denver-based Northstar Commercial Partners, a privately held commercial real estate investment company, announced this week that it had purchased a 24-property national U.S. portfolio for $224 million. Northstar purchased the portfolio from Mr. Moshe Silagi, President of Silagi Development & Management (SDM), with a $178.5 million loan secured by Cohen Financial with Prime Finance Partners, a national privately-held commercial real estate finance company.
"This deal is the most significant acquisition in Northstar's company history, bringing along with it our largest opportunity to date to create a positive impact for businesses and local communities nationwide," Brian Watson, Northstar Commercial Partners' Founder & CEO, said in a press release. "It is very rare in this economic environment to acquire an off-market deal of this magnitude, diversity, and low occupancy rate, in order to drive very attractive opportunistic level returns."
The portfolio includes 13 industrial warehouse & manufacturing facilities, eight office buildings and three retail assets, all totaling 5,918,835 square feet on 486 acres. Twenty-one of the facilities included in the 24-property acquisition are located in towns or areas with high unemployment, often times well above national and state averages; the properties had an overall vacancy of 40% at the time of sale. Watson explained: "The fact that the vast majority of these properties are found in places where people need work, and are looking for greater opportunity, makes us at Northstar all the more eager to be involved."
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