By Margaret Jackson / NewsBreak Denver
(Fort Collins, Colo.) Ogilvie Properties paid $53.5 million for Prospect Innovation Campus, a 20-building portfolio of research and development, office and industrial properties in Fort Collins.
The 30-acre property, at the southeast corner of East Prospect Road and South Timberline Road, is 2 miles from Colorado State University, 3 miles from downtown Fort Collins and 1 mile from Interstate 25.
“This was a rare opportunity to acquire nearly 365,000 square feet in Colorado’s fastest-growing market,” said Jeremy Ballenger, executive vice president of CBRE’s Denver office, which represented the seller, a partnership between affiliates of Quilvest Capital Partners, Cress Capital and MLN Partners.
The 20 buildings were part of a 23-building portfolio the seller bought in May 2017 for $55.55 million. During its ownership, the seller executed new and renewal leases representing more than 400,000 square feet and increased in-place rents by more than 25%.
Other buildings sold previously
The seller also negotiated and signed a long-term lease with the property’s largest tenant, which occupied two of the portfolio’s biggest buildings, which were sold in a separate transaction last February. A separate single-tenant building was sold in October 2019.
“The portfolio’s mix of building types enables it to compete effectively for a wide range of tenants in a variety of industries,” said Tom Parnell, managing partner of Cress Capital. “This idea is validated by the fact that the campus is leased to 45 tenants, representing industries such as technology, renewable energy, life sciences, government and healthcare. Many of the companies are long-term tenants with an average tenure of nearly 13 years.”