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NEWPORT BEACH, CA—Buying right is about seeing what others don't and being unafraid to be a contrarian; using relationships to capture off-market deal flow and capitalize on the still-inefficient nature of real estate—and more, Cress Capital LLC's managing partner Ryan Parkin tells GlobeSt.com. The firm recently acquired more than 800,000 square feet of office and flex industrial space in Southern California and Colorado in two transactions for a total consideration of approximately $110 million.
Cress acquired the Prospect Portfolio, a 23-building office and flex industrial portfolio totaling more than 500,000 square feet in Fort Collins, CO. The firm also acquired Sandpointe, two office buildings totaling more than 300,000 square feet less than one mile from John Wayne Airport in Orange County.
Originally developed between 1984 and 2004, the Prospect Portfolio sits near the intersection of Prospect and Timberline, one mile west of I-25 in Fort Collins. GlobeSt.com has learned that the seller was Pauls Corp.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
