Stockdale Capital Announces Partnership with Siguler Guff & Company, LP
Stockdale Capital Partners, a real estate investment manager focused on acquiring value-add and opportunistic commercial real estate across the Southwest United States, has announced a $75 million joint venture partnership with New York-based private equity firm Siguler Guff & Company, LP to further its value-oriented investment program.
The partnership also announced the acquisition of the venture’s first asset, the former House Research Institute Building at 2100 W. 3rd Street, a 140,054 square foot campus-like medical property in Los Angeles, California.
We are excited about our new partnership with Siguler Guff and believe our acquisition of 2100 W. 3rd St. provides an attractive value-add opportunity with solid tenancy, and a strong supply-demand backdrop for medical office that will yield attractive returns, said Daniel Michaels, Managing Director at
Stockdale.
The overall occupancy of the project is 68.0% and leading healthcare providers including House Ear Clinic, Children’s Hospital Los Angeles, UCLA Health, and Viracor-IBT have all recently signed or extended leases. 2100 W 3rd Street was built in 1991 as the home to the groundbreaking research institute founded by Dr. Howard House. The property was expanded in 2007 to include the iconic curved glass architecture, easily recognized from many film and television productions. The property is adjacent to the newly capitalized St. Vincent’s Medical Center, the oldest established hospital in Los Angeles.
Said Managing Principal, Steven Yari, We are excited for the opportunity to transform this iconic asset in a thriving downtown Los Angeles location. We plan to invest in this asset by completing an ongoing renovation program at the property and working with other medical providers to achieve full occupancy.
The acquisition of 2100 W. 3rd Street is Stockdale’s third medical office acquisition in the last three months in the Los Angeles market, and the firm remains active in pursuing several value-add and opportunistic transactions across the Southwest.
Bob Safai and Matt Case of Madison Partners represented the seller, Watt Investment Properties with financing arranged by Jeremy Womack of HFF.