StarPoint Properties Acquires 6th Street Commerce Center

BEVERLY HILLS, CA / ACCESSWIRE / March 17, 2021 / StarPoint Properties, a real estate investment and operating company founded in 1995, announced it has purchased 6th St Commerce Center, a 9.82-acre industrial development site located in a Qualified Opportunity Zone (“QOZ”) at 24712 6th Street, San Bernardino, CA. The proposed development comprises a 179,500 square foot distribution warehouse and is within proximity of two main freeway on/off ramps.

The building will include up to 10,000 square feet of office and 169,500 square feet of warehouse space. The property also will feature 122 standard parking spaces and 47 trailer stalls.

“We are excited to invest in this property and get into the industrial market of San Bernardino County, where rents have grown 8.6% on average each year for the past five years,” said StarPoint Properties Founder & CEO, Paul Daneshrad. “Given the shifting economy, this property is a smart investment because the rise in e-commerce has positioned industrial properties to outperform other assets in a post COVID-19 world. This property in particular is located less than 5 miles away from a major interstate which connects businesses to consumers in the southern United States all the way to Florida.”

Industrial properties like this one are highly sought after by both investors and tenants. The QOZ designation allows investors to defer and reduce capital gains taxes.

San Bernardino is a competitive market for industrial real estate, with a 1.0% vacancy rate as of Q4 2020. In the Inland Empire rents rose to $0.75 psf NNN and vacancy dropped to 2.6% which is a historic low, per the Colliers Q4 market report. San Bernardino is a one-day drive for approximately 35% of the U.S. population.

ABOUT STARPOINT PROPERTIES
StarPoint Properties is a real estate investment and operating company with a 25 year track record of delivering exceptional market returns to its investors by focusing on the acquisition, development and redevelopment of under-valued multifamily and commercial properties. The primary goal of the firm is to deliver asymmetrical risk-adjusted returns and to outperform most other alternative investment vehicles. StarPoint Properties is located at 433 N. Camden Drive, Suite 1000 in Beverly Hills, CA 90210. For more information, call 310.247.0550, visit www.starpointproperties.com or email info@starpointproperties.com.

SOURCE: StarPoint Properties

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