Stoneridge Capital Partners Acquires 104,600 Square Foot Indian Wells Retail Center

    NEWPORT BEACH, CA, December 13, 2009 /24-7PressRelease/ -- 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.

Sam Alison of CB Richard Ellis represented A&B Properties, Inc. in the sale of the asset. Stoneridge did not use broker representation.

The real estate investment firm also recently acquired Avila at Rancho Santa Margarita for $70 million. The 498-unit, luxury apartment community is located at 22751 El Prado, Rancho Santa Margarita, Calif.

Stoneridge is engaged in an active expansion of its real estate portfolio through direct acquisitions in retail, office, hotel, multifamily, and residential properties in major markets in California, Phoenix, Las Vegas, Hawaii and Denver.

About Stoneridge Capital Partners
Stoneridge Capital Partners is a Newport Beach, Calif.-based private real estate investment company. The company invests globally through real estate private equity funds, joint ventures and direct investments through a long-term investment philosophy focused on acquiring assets with optimum value. Funded internally, Stoneridge has the agility and flexibility to close quickly on transactions on an all-cash basis. Additional information on Stoneridge is available at www.stoneridgecp.com.

About Idea Hall
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