Cress Expands Western Portfolio With $110M Buy
ByCress Capital LLC has acquired more than 800,000 square feet of office and flex industrial space in Southern California and Colorado for about $110 million. The two transactions include Prospect Portfolio, a 23-building office and flex industrial portfolio totaling more than 500,000 square feet in Fort Collins, Colo., and Sandpointe, two office buildings totaling 301,168 square feet in Orange County, Calif.
Cress Capital bought Prospect Portfolio, for about $50.1 million from Denver-based The Pauls Corp. The portfolio was developed between 1984 and 2004, near the intersection of Prospect and Timberline, 1 mile west of Interstate 25 and 3 miles east of downtown. The complex is a five-minute drive from Colorado State University. Prospect Development Partners LLC, an affiliate of The Pauls Corp., acquired the Fort Collins portfolio located in Prospect East Business Park from Unico Properties Inc. in 2015, six days after Unico had purchased the assets…
