“With an abundance of capital chasing large, stable properties in major U.S. markets, we have increasingly developed a conviction that many attractive opportunities are being overlooked,” said Ryan Parkin, Managing Partner with Cress Capital, LLC.
Greeley, CO (PRWEB) November 25, 2014
Cress Capital, LLC announced today that it has acquired Ironwood Business Park in Greeley, CO from E.E. Kinder, Co., LLC. Owned by the seller’s family for over half a century, the nearly 30-acre property is partially improved with approximately 75,000 square feet of mostly industrial space. Marking Cress Capital’s second acquisition in Northern Colorado in 2014, this investment underscores Cress Capital’s investment approach and bullish outlook for the region.
“With an abundance of capital chasing large, stable properties in major U.S. markets, we have increasingly developed a conviction that many attractive opportunities are being overlooked,” said Ryan Parkin, Managing Partner with Cress Capital, LLC. “We strive to avoid the herd like mentality and are actively seeking out opportunities to capitalize on markets with strong demand drivers and deals where we can add value. We hope to do so at Ironwood as we reposition this long-time family owned property.”
Well-situated within two blocks of the main north-south regional thoroughfare in close proximity to downtown Greeley, the property enjoys excellent local and regional access. Greeley, as the county seat of Weld County, is the region’s commercial hub. Historically anchored by a strong agriculturally oriented economy that performed relatively well during the last recession, the area is experiencing robust growth particularly through the expansion of energy activity.
“We acquired the property because of the strong location in the center of Weld County and the willingness of Greeley to work with us on a plan for future development of the site,” said Art Smith, Managing Partner with Cress Capital, LLC. “As a private investor, who can close with or without financing, we are particularly interested in turnaround and development opportunities throughout Weld County and we look forward to becoming part of this community.”
Over the last several years, the region’s rebounding economy has translated into declining vacancy rates and rising rents for industrial properties. According to market research data, Weld County’s industrial market is approximately 4.3% vacant which is approximately half that of the trailing five year average.
“Working with Art and Ryan on the deal was a pleasure. Cress Capital did what they said they were going to do and completed the acquisition very professionally. We look forward to working with the company as they expand their portfolio in Northern Colorado,” said Mike Eyer, a Vice President with CBRE’s Fort Collins office who represented the seller and the buyer on the transaction.
About Cress Capital, LLC: Formed in 2012, Cress Capital is a privately owned commercial real estate investor with offices in Colorado and California. Our team has invested over $1.5 billion through multiple market cycles, asset managed and property managed over 10 million square feet, provided strategic capital markets services to large institutional investors and have completed development, entitlement, workout, brokerage and disposition functions. At our core, we believe that superior risk-adjusted returns are achieved by acquiring mispriced assets, adding value and knowing when to sell.