We’re pleased to announce that Wells Fargo, a long time tenant at Streitwise Plaza, has executed a 5-year lease extension at economic terms above our anticipated underwriting. Not only does 1st stREIT Office, Inc. maintain the income stream from a Fortune 100 tenant, but the extension further illustrates the continuation of positive fundamentals for the St. Louis office market in general and for the attractiveness of the Sunset Hills submarket in particular.
While our recent focus has been on the latest acquisition in Carmel, Indiana, it bears reminding that the Allied Solutions Building is simply the latest addition to the REIT’s assets. The Streitwise portfolio also includes this 3-building office park located in the St. Louis neighborhood of Sunset Hills that has generated stable income since Streitwise was founded, helping us distribute over 8% dividends since inception.
Currently this property is home to the headquarters of Panera Bread, and regional offices for New Balance, AMN Healthcare, Regus, Edward Jones, among others. More information about the Current Offering can be found here.
Eliot Bencuya is the co-founder and CEO of Streitwise. Eliot has extensive experience identifying, underwriting, and executing value-add real estate investments.
Prior to forming Streitwise, he was a Vice President of Acquisitions for Canyon Capital Realty Advisors and the Canyon-Johnson Urban Funds, where he was responsible for originating, underwriting, structuring and executing transactions in the Pacific Northwest, Northern California and Midwest regions. Mr. Bencuya also held positions at Sovereign Investment Company (a subsidiary of the Marcus and Millichap Company) and the investment banking division of Merrill Lynch & Co. He holds a Bachelor of Arts degree in Economics and International Studies from Yale University, and a Masters of Business Administration degree from the Haas School of Business at the University of California, Berkeley. Mr. Bencuya is a member of ULI.