Bancroft was a minority partner in the previous ownership group and came back as a minority partner with the new ownership group.
The purchase price was not disclosed, but local real estate brokers tell GlobeSt.com it likely sold for about $100 per sf, or about $59 million. That makes it one of the largest purchases in Boulder in recent memory.
''This portfolio is in a growth restricted market and represents an opportunity to generate current income as well as an attractive capital gain,'' says John R. Fraser, a member of Investcorp's management committee.
''These characteristics are consistent with Investcorp's preferred investment profile,'' he adds. ''We are also pleased to be establishing a new investment relationship with Bancroft Capital and plan to pursue new investment opportunities together.''
Tenants in the complex include Amgen, Financial Times, McGraw Hill, Genomica, Case Logic, Soma Logic Inc., and Rudy's Bakery.
Two of the buildings are vacant, and Investcorp likely won't try to lease them, Fraser says. It's more likely that they will be razed for a future development opportunity, he tells GlobeSt.com.
''There's nothing imminent,'' Fraser tells GlobeSt.com. ''But we're not that interested in those buildings. We see them as more of a land-banking play.''
Investcorp focuses on owning high-quality existing commercial, hotel and residential properties with strong cash flow and an attractive potential for medium-term capital gains.
The team's portfolio has a current value of more than $1.4 billion.
In addition to investing in real estate, Investcorp focuses on corporate investments, asset management and technology investments. Since it was established in 1982, the first has completed transaction with an aggregate value about $20 billion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
