NEWPORT BEACH, Calif., Feb. 23, 2021 /PRNewswire/ — Real estate investment firm Cress Capital today announced the sale of two single-story R&D buildings in Fort Collins, Colo., by one of its affiliates for $30.65 million. The two buildings, 1625 Sharp Point Drive and 2424 Midpoint Drive totaling 115,627 square feet, are 100% occupied by long-term tenant Advanced Energy Industries Inc.
Cress acquired the buildings in May 2017 as part of a 23-building portfolio in the Prospect East Business Park. This transaction is the second sale by Cress of buildings within the portfolio. In October 2019, Cress sold 1600 Prospect Park Way, a 26,224 square foot building, for $6.3 million. Cress continues to own and manage 20 buildings totaling 365,000 square feet in the Fort Collins business park.
“Anchored by a major research university combined with a diverse economy, Fort Collins has a proven history of steady job and population growth,” said Cress Managing Partner Tom Parnell. “Our portfolio at Prospect East caters to a wide variety of tenants, particularly to innovative companies like Advanced Energy which chose to make the park its long-term home.”
“This successful sale and record pricing for this building type in Fort Collins in the midst of a global pandemic illustrates the continued strength of the Fort Collins commercial real estate market,” added Cress Managing Partner Ryan Parkin.
Cress was represented in the sale by Jeremy Ballenger, Jim Bolt, Tyler Carner and Will Pike of CBRE with local market advisory provided by Pete Kelly of CBRE.
Cress currently owns and manages a portfolio of 1.6 million square feet of office and industrial assets. Cress is actively looking for additional investment opportunities throughout the Western U.S.
ABOUT CRESS CAPITAL
Headquartered in Newport Beach, Calif., Cress Capital is a rapidly growing commercial real estate investor. Formed in 2012, Cress specializes in the acquisition of primarily office and industrial properties in the Western U.S. At its core, Cress believes that superior risk-adjusted returns are achieved by acquiring mispriced assets, adding value and knowing when to sell. For more information, visit www.cresscapital.com.
SOURCE Cress Capital