Cress Capital purchases Denver Tech Center office building
Commercial Real Estate Investment Firm Cress Capital, in partnership with Revesco Properties, today announced the purchase of Orchard Pointe, a 120,873 square-foot, multi-tenant office building in Greenwood Village, Colo. in the Denver Technology Center (DTC), from TA Realty.
Cress sourced and led the transaction and will oversee asset management. Revesco will provide property management services through its subsidiary, Revesco Property Services.
Orchard Pointe is immediately adjacent to the I-25/Orchard Road interchange, one of three major interchanges in the DTC, providing easy access to/from I-25. It is also within walking distance of two light rail stations and desirable retail such as Del Friscos steakhouse and Starbucks.
“Differentiators are key in any market, but especially in the largest office submarket in the Denver Metro,” said Tom Parnell, Cress Partner. “The location and ease of access of Orchard Pointe really set it apart from its competition. Flexible and efficient floor plates combined with incredible views, covered parking and walkable amenities were also big factors in our investment decision.”
Orchard Pointe was originally built in the 1980’s and has been institutionally owned and maintained for 20+ years. It was purchased by TA Realty in 2011 from Guggenheim Real Estate, and TA has since invested more than $1.3 million in capital improvements. New ownership plans to continue with a capital campaign including cosmetic enhancements to the lobby, elevators and corridors as well as improvements to building amenities.
Cress has been an active buyer over the last three quarters with nearly $100 million of acquisitions in Colorado and more than $50 million in Southern California. The company has made key hires to support its growth. In Denver, Cress recently appointed Wade Doidge as Principal where he will lead Cress’ asset management efforts in addition to assisting with new acquisitions. Doidge joins Cress from Larimer Associates where he was Vice President of Operations & Asset Management. Prior to Larimer, Doidge held executive roles at Alliance Commercial Partners – now EverWest – and Tiarna Real Estate Services.
“It’s not often you come across a company like Cress that has an entrepreneurial spirit and drive combined with deep industry expertise and experience,” said Wade Doidge. “I’m honored to be a part of this growing team and am looking forward to a busy, productive year.”
“Wade’s extensive background overseeing and managing assets in the Western U.S. combined with his passion for the business made him an ideal candidate,” said Ryan Parkin, Cress Managing Partner. “We are excited to begin 2018 with another compelling Denver acquisition and key addition to our team.”