Stillwater Prospects for IE Value-Adds
Ontario’s the place to be for opportunistic investors with an eye toward value-adds, Irvine-based Stillwater Investment Group president John Drachman (snapped with his wife, Laura, who works in office leasing for the Irvine Co) tells us. Recently Stillwater acquired the 34k SF 1801 E Holt in Ontario, which is unoccupied, and plans interior improvements to the property. John says the Ontario office market showed great signs of improvement in 2014 and will continue to improve this year as quality space is harder to find and the overall economy continues to improve.
Large blocks—over 20k SF—are particularly hard to find in the greater Ontario market, John adds. At the same time, companies are attracted to the market due to its lower costs of occupancy, proximity to major freeways and the airport, and the ability to tap into potential employees who live in the Inland Empire. CBRE SVP Phil Woodford repped both the buyer and seller in the deal.