Cress Capital Announces Three Property Sales for a Strong 2021 Finish

More than 500,000 sf Sold in Colorado and Southern California for more than $85 Million Dollars in December 2021

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Jan 06, 2022, 08:40 ET

ORANGE COUNTY, Calif., Jan. 6, 2022 /PRNewswire/ -- Real estate investment firm Cress Capital finished 2021 strong, selling three properties in December. The assets included Orchard Pointe in Greenwood Village, Colo.; 12610 Park Plaza Drive in Cerritos, Calif., and Prospect Innovation Campus in Fort Collins, Colo.

Cress Capital sold Orchard Pointe - a 120,000 sq. ft. office building in the Denver Tech Center - for $20.95 million on December 10, 2021.

Cress Capital sold a 52,300 square foot two-story office building located at 12610 Park Plaza Drive in Cerritos, Calif. on December 16, 2021.

Orchard Pointe located at 8480 E. Orchard Road in Greenwood Village, Colo. was the first transaction to close. A 120,000 square foot Class A office building located at the interchange of I-25 and Orchard Road in the Denver Tech Center, Cress purchased the building in February 2018 for $16.66 million. It sold it on Dec 10, 2021 for $20.95 million.

A 52,300 square foot two-story office building located at 12610 Park Plaza Drive in Cerritos, Calif., was next, closing on December 16th. Cress purchased this building in Aug 2018 as part of a five-building campus in the Cerritos Towne Center. The last of two tenants in the building vacated earlier in 2021. The buyer plans to occupy the building for its own use.

"While always bittersweet to sell high-quality assets," said Cress Managing Partner Ryan Parkin, "these transactions reflect our core strategy of buying right, adding value to our investments and selling to maximize investor returns."

Cress' final transaction of 2021 was the sale of 20 buildings located off of Prospect Road in Fort Collins, Colo. on Dec 21. Originally part of a portfolio of 23 buildings called Prospect Innovation Campus, the 20 buildings consisted of approximately 365,000 square feet. Cress purchased the portfolio in May 2015 for $55.55 million and sold three of the buildings in separate transactions in October 2019 and February 2021. Total proceeds from the three Prospect sales surpassed $90 million.

"It has been a busy month for Cress and we couldn't be more thrilled with the outcome of these three sales," said Cress Managing Partner Tom Parnell. "These sales illustrate that demand remains strong for well-located, high-quality assets."

ABOUT CRESS CAPITAL

Formed in 2012 and headquartered in Newport Beach, Calif., 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.

MEDIA CONTACT:
Jennifer Parnell
[email protected]
720-515-3651

SOURCE Cress Capital