- Stonewater closes on $40 million of acquisitions in six months

Thursday, 20th November 2008

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Stonewater closes on $40 million of acquisitions in six months
Added: 05/14/2004 Type: Summary Viewed: 756 time(s) [ Not Rated Yet ]

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Stonewater closes on $40 million of acquisitions in six months

Stonewater Partners announced today that it has closed on the purchase of the Unisys Building, a 359,540 square foot Class B office building in Minneapolis, MN for $26,075,000.

The building is 100% leased to Unisys (NYSE:UIS) through 2012. Commenting on the transaction, David Stade, a Stonewater principal, stated "the Unisys acquisition provides our portfolio with a high yielding asset and improving credit quality. The asset is mission critical to Unisys’ operation with a history of occupancy since 1964."

Jeffrey Toporek, also a Stonewater principal, added “The Unisys transaction is Stonewater’s second acquisition bringing total volume to $40 million in the six months since the Company’s inception. We anticipate an additional $40 million to close by the end of the summer.”

RBS Greenwich Capital provided a 10 year fixed rate first mortgage of $20.86 million with a 30 year amortization and 5.2% interest rate.

For further information:
Jeffrey Toporek
Tel: (914) 242-4835

David Stade
Tel: (310) 476-3700

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