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Starwood JV Buys Eight-Property Distressed Portfolio For $13M

SAN DIEGO-Starwood Capital and another buyer pay $117 per square foot for downtown’s Waterfall Block.

By Carrie Rossenfeld | Updated on June 05, 2012

SAN DIEGO-A joint venture between Starwood Capital Group and a buyer who has asked not to be named has paid $13,032,000 for the Waterfall Block, an eight-property portfolio of distressed assets encompassing 58,288 square feet downtown. The sales price equates to $117 per square foot.

“The previous owner had planned to redevelop the site and acquired the properties over the course of three years,” said Ben Tashakorian, a VP investments in Marcus & Millichap’s local office, who represented the seller in short-sale negotiations with three lenders. Tashakorian also represented the buyer. “The final piece was purchased in 2009 for approximately $33 million.”

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