US private equity real estate firm Ascentris has acquired a 161,000sqft office building in Colorado for $23m (€21.1m), according to sources.
IPE Real Assets understands that Ascentris, in a newly created joint venture with Confluent Development, has paid $142/sqft to acquire the ParkRidge VI office building in Lone Tree, a southeast suburb of Denver. The amount paid is 65% below replacement cost, according to sources.
The ParkRidge VI office property is fully let to two tenants up to the end of 2030.
James Proffitt, vice president with Ascentris, said, “Ascentris is thrilled to partner with Confluent on this opportunity. The location, quality and tenancy of Park VI make it an excellent addition to our portfolio. The Confluent team did a fantastic job securing the opportunity at an attractive risk-adjusted return.”
Moving forward, the joint venture will review property investment opportunities on a case-by-case basis for deals similar to the ParkRidge VI transaction.
Ascentris will mainly seek to acquire assets within the most promising growth markets throughout the US.
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