Jeff Schindler, Equastone's chief investment officer, tells GlobeSt.com the Interlocken portfolio represents a "value-added, opportunistic investment." He says the area is "one of the fastest recovering office submarkets in Colorado." Other driving forces for the investment include proximity to shopping, restaurants, executive housing and the 10-minute drive time to Downtown Denver.
Another attraction was the synergy created by some of the existing high-profile tenants in the greater park. The Interlocken Business Park includes corporate campuses of Sun Microsystems and Level 3 Communications.
As for Equastone's purchase, the four new properties include one three-story and three, single-story buildings. They were constructed form 1984 to 1986. Tim Richey and Chad Flynn from Cushman & Wakefield represented the seller, Olympia Properties LLC.
Last year in Colorado, Equastone added the Views, a class A office project located at 11800-11802 Ridge Parkway in Broomfield for $35 million. The property includes two, five-story buildings that total 336,760 sf. The seller was Alliance Commercial Partners.
At the time of the deal, Equastone EVP Todd Parker said the "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."
In all, Equastone plans to acquire $1 billion of office and flex properties over the next two years throughout the US. Currently the company has offices in San Diego, Denver, and Houston, and owns properties in California, Arizona, Colorado, Nevada, Louisiana, Texas and Oregon. According to company reports, Equastone's minimum investment is $20 million and preferred investment size is from $50 million to $100 million.
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