ZS Capital Partners (ZS), a Denver-based real estate owner and operator, has acquired Prospect Innovation Campus, a 226,000-square-foot industrial, flex and R&D portfolio in Fort Collins. The $42 million acquisition from Ogilvie Partners, LLC includes 11 buildings across four sub-portfolios. The transaction marks ZS’s fifth industrial acquisition since late 2023 and its largest investment to date.
The acquisition expands ZS’s industrial portfolio across Colorado’s Front Range to approximately 460,000 square feet with leases in place to over 50 tenants. The properties span Commerce City, Centennial, Lafayette, Longmont and now Fort Collins.
“This acquisition is an important milestone for ZS Capital Partners and the culmination of more than a year of persistence,” said Spencer Pariser, co-founder of ZS Capital Partners. “We stayed close to the opportunity and ultimately put ourselves in a position to acquire a portfolio we have tremendous conviction in at an attractive basis. Fort Collins has the economic and demographic characteristics we look for, and Prospect Innovation Campus provides durable cash flow today with meaningful opportunities to create value over time. We’re incredibly proud of the portfolio we’re building across Colorado’s Front Range and grateful to the partners who continue to put their trust in us.”
Constructed between the late 1980s and early 2000s, Prospect Innovation Campus comprises of four sub-portfolios, including Midpoint 3, River Center, Spring Creek and One Prospect, and offers a highly functional mix of small-bay industrial, flex and R&D space. Across the campus, flexible suite configurations and a mix of office and warehouse components allow the portfolio to accommodate a wide range of tenant uses while supporting long-term leasing resiliency.
“This portfolio reflects the growth strategy we’ve been building since our first industrial acquisition in late 2023,” said Derek Conn, co-founder of ZS Capital Partners. “It’s our largest investment to date and brings our Front Range industrial holdings to nearly half a million square feet. We’re continuing to pursue well-located, functional industrial and flex assets that support our tenants’ long-term success as we grow across Colorado.”
Comparable industrial and flex product of this scale and configuration is extremely limited within the Fort Collins market, where direct vacancy for flex and R&D space is approximately 4.4%. Against that supply-constrained backdrop, Prospect Innovation Campus was originally brought to market in summer 2025 by CBRE’s Jeremy Ballenger and Tyler Carner, with whom ZS principals have more than a decade of transaction experience. Ballenger and Carner represented the seller, Ogilvie Partners, in the transaction.
Ogilvie Partners congratulated ZS Capital Partners on the acquisition of a tremendous real estate asset in a separate announcement.
“Prospect Innovation Campus has been an exceptional property for our investors and our tenants. We are proud of the work we did to position the campus and grateful to transfer it to an owner with real conviction in Fort Collins and the Front Range. Congratulations to Spencer Pariser, Derek Conn, and the entire ZS Capital Partners team on acquiring a high-quality, functional portfolio with durable cash flow and a long runway to create additional value,” — Dustin Jones, Ogilvie Partners LLC.
Fort Collins is one of Colorado’s most supply-constrained and demand-driven commercial real estate markets, supported by a highly educated workforce, continued population growth and Colorado State University, which anchors a resilient regional ecosystem spanning technology, engineering, healthcare and research. Prospect Innovation Campus offers convenient access to Interstate 25 and is well positioned to serve technology, life sciences, R&D and light industrial users, while barriers to new supply support the long-term outlook for industrial and flex properties in the market.
“This property is an incredible value-add opportunity to ZS Capital Partner’s industrial portfolio,” said Ballenger, an executive vice president with CBRE in Denver. “Combined with Fort Collins’ strong economic drivers and limited supply, acquiring Prospect Innovation Campus positions ZS for sustained success in one of Colorado’s most attractive industrial markets.”
