Cress Capital pays $55.6M for commercial buildings in Fort Collins

Editor’s note: The amount paid by Cress Capital affiliates for the Fort Collins portfolio has been corrected.

FORT COLLINS — Real estate investment firm Cress Capital LLC has acquired several commercial properties in Fort Collins that were part of a blockbuster deal in 2015 between Boulder-based W.W. Reynolds Cos. and Seattle-based Unico Properties Inc.

Newport Beach, Calif.-based Cress Capital, with an office in Denver, earlier this month paid $55.6 million to Denver-based Pauls Corp., for 23 office, flex and industrial buildings totaling approximately 500,000 square feet located between East Prospect Road, Midpoint Drive and Sharp Point Drive.

SPONSORED CONTENT

The many benefits of simple, coordinated healthcare

Kaiser Permanente combines health care and coverage in one connected system to maximize employee health and minimize employer costs.

“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 p head of the company’s office in Denver.

Six days after Unico Properties made the purchase in 2015, Unico sold the properties in Fort Collins to Pauls Corp., which used the entity Prospect Development Partners II LLC in the transaction.

The portfolio includes buildings at Midpoint Park, $25.8 million; Plum Tree Plaza, $7.7 million; One Prospect, $7.6 million; River Center, $5.5 million; Lake Center One, $4.5 million; Spring Creek, $2.6 million and Sharp Point, $1.8 million.

The properties were part of the deal in 2015 when Unico Properties paid approximately $209 million for 1.5 million square feet of commercial property in Boulder and Fort Collins. Neither Unico Properties nor W.W. Reynolds disclosed the sale price, but public records showed that Unico paid W.W. Reynolds approximately $41 million for the portfolio of commercial property in Fort Collins and $168 million for the commercial properties in Boulder.

After W.W. Reynolds sold the properties to Unico, it continued to manage and lease the properties. W.W. Reynolds will continue to manage and lease the space on behalf of Cress Capital.

In November 2014, Cress Capital purchased the 27-acre Ironwood Business Park in Greeley for nearly $5 million.