California Investor Acquires Office Property in Fort Collins
Fort Collins, CO – Commercial real estate investor Cress Capital, LLC, headquartered in Newport Beach, California, recently acquired more than 800,000-square-feet of office and flex industrial space in Colorado and Southern California in two transactions for total consideration of approximately $110 million.
Cress acquired the Prospect Portfolio, a 23-building office and flex industrial portfolio totaling more than 500,000-square-feet in Fort Collins, Colorado, on May 22nd.
Originally developed between 1984 and 2004, the Prospect Portfolio sits near the intersection of Prospect and Timberline, one mile west of I-25. With a current unemployment rate of 2.1 percent, the nation’s 3rd lowest, Fort Collins features a vibrant economy, anchored by a major research university, a strong quality of life and diverse employer base.
“We were attracted to the Prospect Portfolio’s historical resilience, competitive positioning in the market and durable cash flow profile,” said Tom Parnell, Cress partner and new head of the company’s Denver office.
These transactions occurred on the heel of Tom Parnell joining Cress Capital as Partner and head of its Rocky Mountain operations.
“We are thrilled to announce the addition of Tom to the team,” said Ryan Parkin, Cress Managing Partner. “He further expands Cress’ deep capital markets expertise, which the firm combines with street-level property know-how and relationships.”
Formed in 2012, Cress specializes in the acquisition of primarily office and industrial properties in the Western U.S.
Image of 1625 Sharp Point Drive, Fort Collins CO, courtesy of Cress Capital, LLC