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California real estate trust acquires Carmel office building for $32M

February 11, 2019

A real estate investment company has acquired the Allied Solutions Building in Carmel’s Midtown development for $32 million, the city announced Monday.

StREITwise, a Los Angeles-based real estate investment trust, purchased the 142,000-square-foot Class A office and retail building from Ambrose Property Group, the company announced Monday. The acquisition closed Jan. 18.

The Allied Solutions building was developed in 2017 as part of a public-private partnership to redevelop Carmel’s midtown. The building opened in early 2018 and is 87 percent leased.

Financial services firm Allied Solutions LLC has leased 108,000 square feet in the building through 2030, and the F.C. Tucker Co. has leased 15,750 square feet through 2029.

“This property was too good of an opportunity to pass up,” StREITwise CEO Eliot Bencuya said in written comments. “The modern office employee is looking for three things: Amenities, amenities, amenities … and the Midtown Carmel redevelopment is quickly becoming the epitome of suburban, urban environments.”

StREITwise, which specializes in online real estate investment, said it was packaging the property with a Class A office park in St. Louis, Missouri, and would accept new and additional investments in the portfolio.  

The Allied Solutions building purchase marks the second time the company has bought a building in Carmel. In 2016, it acquired a 106,000-square foot office property at 550 Congressional Blvd.

“When we first visited Carmel we could instantly see the vision for the city,” Bencuva said. “We patiently waited for more properties in the city to hit the market, and we feel this mixed-use development will provide our investors an outstanding return on their investment as well an opportunity for us to enhance their asset by leasing up the rest of the building with additional businesses for all the residents of Carmel to enjoy.”

Two ground-floor retail spaces and two office-suite spots are still available, the company said.

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