Strategic Capital Partners, AMG Realty Investors Acquire Sixth Street Center in Ontario, California
Interior and exterior upgrades, future development planned for property
Ontario, California, September 11, 2007—Strategic Capital Partners (SCP) through its fund, Strategic Partners Value Enhancement Fund (SPVEF), and AMG Realty Investors have acquired a three-story, 60,800 square-foot office building known as Sixth Street Center in Ontario, CA. The purchase price of the asset was $11.5 million. The new owners plan to provide upgrades to the lobby, elevator cabs and exterior of the property, the current occupancy of which is 98%.
Located in Ontario, California just south of I-10 at the Mountain Avenue exit in San Bernardino County, the building was built in two phases between 1977 and 1979 of steel and concrete construction and features a rooftop penthouse. Each floor comprises two wings connected by a lobby with two elevators.
“At nearly full occupancy with rents in place that are 20% below market, this acquisition is a perfect example of SCP’s investment strategy,” said Laurie Smith, Senior Vice President of Acquisitions for Strategic Capital Partners. “We are glad to partner with an outstanding company like AMG Realty Investors to execute the current capital improvement plan and retain the current tenancy at rents closer to market.”
Added Alexander Phillips, Managing Principal for AMG, “We look forward to working with SCP to improve the building and evaluate the opportunity to develop an additional 10,000 square feet on the site. This is an ideal, value-added proposition for all parties involved.”
AMG Realty Investors is a commercial real estate investment company looking for value-added opportunities in and around Orange County and the Inland Empire. AMG was founded by Alexander Philips and Michael Meyer, the former Managing Partner of E&Y Kenneth Leventhal Real Estate Group. AMG makes principal investments for the acquisition, development, rehabilitation and adaptive reuse of office, retail, industrial and multi-family assets as well as land entitlement and development projects.
For more information on other RCMG projects, call 925.355.3290 or visit www.rcmginc.com.
Strategic Capital Partners, LLC (SCP) is a privately-held, real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties via joint ventures with experienced real estate operators. SCP is focused on properties across the United States that can be repositioned, re-leased and/or redeveloped. The company is headquartered in Chicago with offices in Indianapolis and New York. Learn more about SCP at www.StrategicCapitalPartners.net.