StarPoint Goes Full Cycle on OZ Investment with 242% ROI
StarPoint Properties closed the $49.5-million sale of 6th Street Point, a new 179,000-square-foot industrial property located on a 9.8-acre site at 24712 6th St. in San Bernardino. The buyer for the Opportunity Zone (OZ) project was a global institutional real estate firm.
“While most OZ investments are planned for a 10-year hold, our Prime and Prime OZ Program is able to maximize returns on this investment in just three years,” said Paul Daneshrad, CEO and founder of StarPoint Properties. “As a result, by selling now and rolling these funds into multiple other investments, we’ll be able to pursue future projects that will continue to yield the highest returns possible for our investors.”
The first OZ sale for StarPoint, this represents one of the few full cycle OZ sales in the marketplace to date. It represents a 242% ROI, following the firm’s acquisition of the land for $6.5 million in 2020.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).