Commercial real estate investor Cress Capital LLC has acquired more than 800,000 square feet of office and flex industrial space in Southern California and Colorado in two transactions for total consideration of approximately $110 million.
Cress acquired the Prospect Portfolio, a 23-building office and flex industrial portfolio totaling over 500,000 square feet in Fort Collins, and Sandpointe, two office buildings totaling over 300,000 square feet in Orange County, California.
Developed between 1984 and 2004, the Prospect Portfolio sits near the intersection of Prospect and Timberline roads, one mile west of I-25. With a current unemployment rate of 2.1 percent, the nation’s third lowest, Fort Collins features a vibrant economy, anchored by a major research university, a strong quality of life and diverse employer base, Cress noted.
“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.
