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.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.