The Colorado acquisition is a 591,000-sf portfolio of office, R&D and industrial space located in six downtown Boulder locations. The properties were purchased in partnership with Bancroft Capital LLC of Manhattan Beach, CA. Neither the seller nor the price was disclosed.
Bancroft's current Boulder holdings include the two-building, 155,821-sf Exabyte campus and the 10-building, 435,000-sf Amgen campus. Bancroft paid $15 million for the Exabyte property in June 1999 and $32 million for the Amgen buildings a month earlier. At the time, local real estate experts called the latter deal one of Boulder's largest.
The firm's partner in both acquisitions was Boston-based pension fund advisor Great Point Investors LLC. Sources close to the deal confirm for GlobeSt.com that the 100%-occupied Amgen and Exabyte campuses comprise Investcorp's new Boulder assets but were unable to verify whether the company purchased Great Point's entire stake in the properties.
According to Investcorp executive John R. Fraser, the Boulder assets represent "an opportunity to generate current income as well as an attractive capital gain. These characteristics are consistent with Investcorp's preferred investment profile."
Much closer to Bahrain-based Investcorp's North American headquarters in New York are a pair of class A New Jersey office buildings the company has acquired. Located in Piscataway, the properties have a combined value of more than $26 million and total 236,961 sf. The assets are part of a four-building complex known as One Centennial Plaza.
The property is 100% occupied by two tenants. Great West Life and Annuity Insurance Co. occupies more than 60% of the space while American Standard Corp. uses the remaining space for its headquarters. Investcorp acquired the buildings in partnership with the Lincoln Equities Group of Rutherford, NJ.
"This acquisition builds upon our investments in the Northern New Jersey office sector, and deepens our partnership with the Lincoln Equities Group, which we established two years ago," says F. Jonathan Dracos, a Member of Investcorp's Management Committee.
Investcorp acts as both a principal and an intermediary in international investment transactions through its New York, London and Bahrain offices. The company specializes in facilitating capital flow from individual and institutional clients in the Arabian Gulf into investments in the US and Western Europe. The company's New York real estate group focuses on existing commercial properties with strong cash flow and good medium-term capital gains potential. The unit oversees a $1.5-billion US portfolio.
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