ARLINGTON, Va., Oct. 1, 2025 /PRNewswire/ — FD Stonewater’s STAR Evergreen Fund, L.P. (the “STAR Fund”) announced the acquisition of Alside Manufacturing and Distribution Center (“Alside”), a 326,474 square foot industrial facility leased to Associated Materials in Yuma, AZ. The Alside property was acquired through the STAR Fund’s UPREIT structure, providing original investors the opportunity to receive OP Units allowing for a tax deferred transaction. This is the third acquisition for the STAR Fund after successfully launching the fund and acquiring two seed assets in late 2022.
The original Alside facility was purpose-built for the tenant in 2005 and is one of the company’s top-performing manufacturing and distribution facilities. An FD Stonewater affiliate acquired the property in April 2002 with a short-term lease in place and then successfully executed a value accretive long-term lease extension that included a 103,920 square foot expansion of the asset. The expansion delivered in 2Q 2025, transforming this property into a signature manufacturing facility for the tenant.
The STAR Fund pursues a Single Tenant Active Return (“STAR”) strategy focused on assembling a diversified portfolio of mission-critical single-tenant real estate assets in U.S. secondary and tertiary markets across industrial, advanced manufacturing, government, R&D, and office sectors.
Owen Burke, Principal and Director of Asset Management commented, “We are excited to announce the successful acquisition by the STAR Fund of this single-tenant, mission-critical manufacturing asset with a long-term lease. We have firmly believed in opportunities associated with nearshoring trends since our original acquisition of the property. With the combination of a compelling tenant story and strong underlying real estate fundamentals, this deal is representative of FD Stonewater’s single-tenant strategy that has realized tremendous success over the past 20 years.”
Andrew Schwartzman, Principal and Director of Acquisitions added, “This is a great cross-platform case study of FD Stonewater’s investment, asset management, and development teams collaborating with our tenant to drive more revenue through the facility and increase value for our investors. We are thrilled to continue our ownership of the asset in our STAR Fund vehicle.”
About FD Stonewater
FD Stonewater has acquired, asset managed, and/or developed over 6 million square feet of single-tenant assets valued at more than $1.5 billion. FD Stonewater’s national capabilities encompass over 8 million square feet of experience in more than 40 secondary and tertiary markets across the country.
For more information, please visit www.fdstonewater.com
For more information on the STAR Fund, please visit www.fdstonewater.com/star-fund
Disclaimer
Please note that the foregoing is not an offer to sell or a solicitation of an offer to purchase any securities of FD Stonewater STAR Evergreen Fund, L.P. (the “Fund”) or any affiliate, and any such offers will only be made pursuant to a private placement memorandum or similar disclosure document (“Private Placement Memorandum”) and other definitive documentation relating to any such offering. The foregoing information excludes material information that is detailed in the Private Placement Memorandum, including, but not limited to, risk factors. Prior performance is not indicative of future results. An investment in the Fund is speculative and involves a high degree of risk. Only investors who can withstand the loss of all or a substantial part of their investment should consider investing in the Fund. Additionally, an opportunity to invest in the Fund is only available to (a) “accredited investors” as defined in Rule 501(a) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or (b) non-U.S. persons that meet the requirements set forth in Regulation S promulgated under the Securities Act.
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SOURCE FD Stonewater
