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Schomac Group Pays Nearly $23M for the Quad at Lowry

DENVER-Equastone sells a class A building in the Lowry Air Force for $10 million more than it paid for it less than two years ago. When the company first purchased the facility, it was 48% occupied. Today, it is fully leased.

By John Rebchook | Updated on February 10, 2006

DENVER-The Schomac Group of Tucson, AZ paid $22.7 million, or about $168 per sf, for the 135,000-sf Quad at Lowry IV, a class A office building in the Lowry Air Force redevelopment. The seller was Equastone, a La Jolla, CA-based real estate investment firm specializing in value-add investments. This marks the first sale in the Equastone Value Fund I (EVF I).

Equastone paid $12.7 million for the Quad at Lowry IV in December 2004 when the building was 48% occupied. Now, the building is fully occupied. The recent sale will generate a net-annual return of approximately 70% to the fund. Mary Sullivan, Timothy Swan and Ron Urgitus of CB Richard Ellis represented Equastone in the transaction.

“We acquired a high-quality asset significantly below replacement cost and projected stabilized value and leased the vacant space within nine months,” says David Bourne, chairman of Equastone. “Further, the property was sold in short order due to strong demand for stabilized real estate assets.”

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