Newport Beach, CA – Stoneridge Capital Partners, a Newport Beach-based real estate investment company, has acquired The Village at Indian Wells from A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc. (NYSE: ALEX). The all cash $20 million transaction is part of Stoneridge’s strategy to capitalize on current market conditions by actively acquiring attractively priced assets.
Current economic fundamentals have made a number of stable, high-quality properties available at favorable pricing, said Greg Merage, Chief Executive Officer of Stoneridge Capital Partners. We are using our cash position and market expertise to aggressively acquire these properties to build our portfolio of commercial and multifamily assets.
The Village at Indian Wells, a 104,600 square-foot retail center in the affluent community of Indian Wells, Calif. is centrally located at the corner of Cook Street and Highway 111. The center is anchored by a Ralph’s Fresh Fare and CVS Drugstore. Additional tenants include a variety of apparel retailers, restaurants, professional and service providers. The center has historically benefited from high occupancy levels and rental rates.
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