By Chris Bavender
West Coast company stREITwise has made its second investment in Carmel, purchasing the Allied Solutions’ building in Carmel for $32 million from Ambrose Property Group.
“The Allied Solutions Building itself is clearly at the epicenter of a burgeoning ‘suburban urban’ renaissance,” stREITwise CEO Eliot Bencuya said. “And with long-term commitments from the anchor tenants, the property provides stable cash flows while providing an opportunity to participate in the future upside of Midtown Carmel.”
Bencuya said the modern office employee places a top priority on workplace amenities.
“The Midtown Carmel redevelopment is quickly becoming the epitome of suburban, urban environments,” he said.
In 2016, stREITwise purchased a building at 550 Congressional Blvd. in Carmel. The California-based company acquires commercial properties and then allows the public to invest into the portfolio.
“Historically, commercial real estate ownership has been limited to direct ownership, exchange traded REITs, private syndications, or non-traded REITs distributed by brokerages, or sales agents charging significant commissions and fees,” Bencuya said. “Furthermore, many of these opportunities were available to accredited investors only. Today, new regulations have allowed a fresh batch of companies to provide online access directly to the public, accredited or non-accredited investors alike, thereby drastically reducing associated fees and providing additional transparency.”
Carmel Mayor Jim Brainard said stREITwise’s purchase of the Allied Solutions Building “is a great example of how a city that invests in itself can attract additional private investments.
“Site selectors and investors across the country are becoming more and more aware of Carmel as a great place for them to grow,” Brainard stated in a press release. “Our investments in transportation, the arts, schools and other key quality-of-life amenities have created a place where the best employees want to live, and that’s the key to any company’s success.”
For more, visit streitwise.com.