Equastone Acquires Office Project For $35 Million

San Diego, CA. – Equastone, a real estate investment firm specializing in opportunistic, value-add and core-plus real estate investments, has announced the acquisition of The Views, a Class A office project located at 11800-11802 Ridge Parkway in Broomfield, Colorado along the Denver-Boulder corridor. The purchase price was $35 million. The project consists of two, five-story buildings that total 336,760 square feet. The 11800 building is 100% leased and occupied by McData and the 11802 building is 33% leased. The buyer is an affiliate of Equastone Value Fund I. The seller was Alliance Commercial Partners. Mary Sullivan, Tim Swan and Ron Urgitus of CB Richard Ellis represented the seller in the transaction. CB Richard Ellis has also been awarded the leasing and property management assignments for the project.

Executive Vice President Todd Parker, who is responsible for managing all Equastone assets in Colorado, said, “The acquisition of The Views gives us a great opportunity to add value by leasing vacant space in a rapidly recovering sub-market. Our low cost basis relative to competing properties will allow us to offer attractive lease terms to prospective tenants and generous commissions to leasing brokers. Leasing activity in the Interlocken/Outerlocken area has rebounded dramatically and the corridor is once again becoming the darling that it was in the late 90’s.”

The acquisition of The Views by an affiliate of Equastone Value Fund I completes a 1031 tax-deferred exchange of the proceeds from the recent sale of The Quad at Lowry IV, located in the Cherry Creek sub-market of Denver, CO. The Fund’s investment strategy is to acquire underperforming real estate below replacement cost and stabilized value, to add value through fixing and leasing, and to sell as quickly as possible when stabilized. Equastone Value Fund I is a private real estate fund that raised $53.5 million from high net worth investors in 2005, and has since acquired approximately $240 million of value-add real estate in California, Arizona, Nevada, Colorado and Texas.

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