INVESTMENTS
We produce real estate partnerships that exceed typical returns,
while treating investors as family.
At Starboard Realty Partners, we have a different approach to the real estate investment market. We focus our objectives in four main areas so that we can provide the best returns for our clients.
8.4 Acre Industrial Park Investment
Available Now!
Denver, CO
Starboard Realty Partners is pleased to present the opportunity to invest in our acquisition of the Hampden Industrial Park a four (4) building, multi-tenant, low-finish industrial business park totaling 121,612 rentable square feet situated on one (1) parcel totaling approximately 8.4 acres. The property is ideal for small industrial/service center and automotive users and located in the well-established South Central Denver submarket. Improvements include 11′ to 13′ warehouse clear heights for the grade level served buildings, abundant parking at a ratio exceeding 3.6 stalls per 1,000 rentable SF, a secured fenced yard for select users utilizing a disproportionate share of parking, common-area painting booth and car wash, and an air compressor system with redundant backup that services tenants in all buildings. The latter three amenities are not available in any directly competing parks.
The project was constructed in phases, with Building A constructed in 1971/72 and Buildings B, C and D later developed in 1986. Most of the units feature nominal offices and thus landlord-provided HVAC is limited to approximately 9 (of a total of 83) units. We have set aside reserves for the installation of a 10-year elastomeric coating to the existing metal roofs, together with aesthetic upgrades to the property, including exterior painting, upgrades to monument and billboard signage, landscaping upgrades and parking lot repairs and slurry.
We are purchasing Hampden Industrial Park at 100% occupancy with in-place rents ranging from 15% to 30% below current market levels (depending on the unit) as the existing ownership (local owner with extremely low basis) has been focused on preserving occupancy and not pushing rents. Current rents at the project (ranging from $11.00 – $13.50 gross) are in line with asking rates at competing parks, but for units at least twice as large in size. Tenants, specifically providing automotive services, do not have options when seeking to lease less than 2,000 square feet. Moreover, many of the competing parks cannot offer space leased for automotive related uses. Following completion of our budgeted improvement plan, the property is poised to benefit from a more aggressive marketing and property management campaign to push rents and increase income. Leasing of the property was conducted by an on-site property manager with little knowledge on the market, minimal leasing experience and a reluctance to push rents due to personal relations with the tenants. Moreover, increasing rents to market levels should be expedient as all tenants, excluding one, have leases that either expire in less than 12 months or are leased on a month-to-month basis.
Profit potential will be realized through minor capital improvements, lowering expenses and removing of duplicative services (e.g. salary to onsite manager and property management fee), converting existing leases from gross to triple net (NNN) structure (to prevent loss of revenue growth following property tax reassessment) and increasing current rents to market. Additional profits can be realized by increasing the rentable area of a handful units to include covered loading areas (permitted by BOMA and longstanding industry standard) and by converting select units to “automotive man caves” that we can lease at significant rental premiums after a minimal investment improving the unit.
Should you have any questions about the property, the zoning and/or our business plan, please do not hesitate to contact us at the number below.
949-851-2020
Starboard Realty Partners /WLA Investments
ACQUISITION
CRITERIA
FOR ALL INQUIRIES CONTACT:
acquisitions@starboardrp.com
| Property Type: | Industrial & Multi-Family (Primary) Office (Secondary) |
| Transaction Size: | $5M – $20M (with Friends & Family Equity) $20M – $100M (with High Net Worth & Institutional Equity) |
| Locations: | • All of California • Portland, OR • Seattle, WA • Phoenix, AZ • Las Vegas & Reno, NV • Denver, CO • Salt Lake City, UT • Dallas & Austin, TX |
| Risk Profile: | Opportunistic & Value-Add (Primary) Core-Plus (Secondary) |
CURRENT PORTFOLIO
-
Union Park Office Buildings__________108,158 sq. ft. office buildings
Salt Lake City, UT -
8th Avenue Apartments__________31 Unit Studio Apartment Project
San Diego, CA -
Palms on Park__________70 Unit Studio Apartment Project
San Diego, CA -
JADE COURT LP__________184 Residential Units
San Gabriel, CA -
Sears Distribution Center__________1,306,000 Sq Ft Multi-Tenant Industrial Project
Denver, CO -
Hampden Industrial Park__________121,612 Sq Ft Multi-Tenant Industrial Project
Denver, CO -
Hershey Industrial__________15,897 sq ft multi-tenant industrial
Pomona, CA -
Airport Park__________149,995 sq. ft. industrial/office bldgs
Salt Lake City, UT
WHY STARBOARD
POINT OF
DIFFERENCE
Because we invest for friends and family, as well as for institutional entities who have many individuals counting on them to protect and grow their investments, we never forget that we are working on behalf of real people.
We ourselves are investors in every deal, as well. This is due to the fact that we believe in our ability to identify true opportunities.
Because we’re not in a fund, and don’t exchange, we can be more judicious and opportunistic, investing only when we find more certainty of success.
It is this caring and conservative approach, combined with our expertise, that has led us to provide our investors with a 32% average annual rate of return on their investments. Click here to view a summary of assets we previously sold, together with return rates individually and portfolio-wide.
PAUL C. BELDEN
Principal
Paul brings nearly thirty years of extensive professional real estate skills to the team at Starboard Realty Partners. He joined the original firm. WLA Investments, in 1997 and has participated in investment real estate decision making for the company since that time.
One of Paul’s major responsibilities is the selection of regions throughout the United States that produce successful real estate investments. Determining the location and timing of markets that will grow in value has been one of the primary reasons for the portfolio’s continuing success.
Throughout his career, he has gathered expertise in brokerage, management, entitlement, and construction in commercial real estate. Evaluating and implementing each asset’s individual profit potential through capital and management improvements, competitive financing, and the creation and promotion of management incentives to increase revenues and cut costs have been key to his success with the assets in each market.
Paul earned his Bachelor of Science from California Polytechnic State University at San Luis Obispo and is a licensed California real estate broker.
JON S. SCHISLER
Principal
Jon is responsible for new investment opportunities, acquisition, financing, development, management, and disposition of real estate assets for Starboard Realty Group, and for the existing WLA portfolio. After joining Starboard’s predecessor, WLA, in 1994, Jon coordinated the highly successful Utah condominium conversions, the Denver office portfolio and the Los Angeles/Orange County commercial portfolio. Jon’s entire career has been within the real estate industry. Having experience with an architect, contractor, developer and broker, he supplies insight on the entire development process.
Prior to joining Starboard Realty Group and WLA, he was with the firm now known as CBRE, where he advised corporate clients on sales and leasing of commercial properties. His background also includes a position with Lincoln Property Company where he was involved with the planning, development and management of industrial, R&D, retail and office properties.
Jon has a Bachelor of Science degree in Business Administration with an emphasis in finance from the University of Southern California.
DAN N. VITTONE
Principal
Dan is responsible for sourcing new investment opportunities and all pieces of the capital stack. He brings over 20 years of commercial real estate experience to the team at Starboard Realty Partners. Since 1995, he worked as an investment sale broker for several brokerages including the firms now known as CBRE and Cushman & Wakefield, Voit Real Estate Services and Avison Young. He also served in acquisition and development roles with Kilroy Realty Corporation, a publicly traded REIT.
In his capacity as an investment sales brokerage professional, he handled acquisition and disposition assignments of investment properties for financial institutions, pension funds, REIT’s and private investors. During his tenure, Dan was a consistent top producing broker, having completed investment and user sale transactions totaling approximately 45 million square feet with an aggregate value exceeding $4.0 billion.
Dan holds a Bachelor of Arts in economics-business from University of California Los Angeles (UCLA). He previously served on the Board of Directors of United Cerebral Palsy – Orange County, a charitable organization focused on helping children with disabilities reach their full potential, improve the quality of life for their families and foster an attitude of acceptance and inclusion.
Dan lives in Newport Beach with his wife, Karin, and two children, Devin and Damian. He enjoys spending time with his family, traveling, golfing, mountain biking and enjoying good food and wine with friends and family.
HISTORY
CONTACT
1301 Dove Street, Suite 1080
Newport Beach, CA 92660
(949) 851-2020
(949) 851-5854
info@starboardrp.com
P.O. Box 10343
Zephyr Cove, NV 89448
(775)580-6045