Quilvest is pleased to announce that it completed the sale of Prospect Innovation Campus, a 23-building, ~505k square foot (“sf”), flex office and industrial portfolio located in Fort Collins, Colorado.
In April 2017, Quilvest formed a partnership to acquire the 23-building campus. The business plan focused on capturing some current yield, while leasing vacant space, marking rents to market and securing long-term lease extensions. The multi-tenant and multi-building campus was also believed to offer the potential for opportunistic divestitures throughout the investment period of individual buildings, or sub-portfolios whenever stabilization was achieved; enhancing the investment’s return profile.
Between September 2019 and January 2021 three buildings were sold in two separate transactions whose net sale proceeds returned all the invested equity capital.
Throughout the hold period, ~430k sf of leasing was completed through which the portfolio reached an ~96% occupancy rate and NOI was increased by ~30%. In addition to operational improvements, investor demand for the subject property type has strengthened over time which further increased the portfolio’s valuation.
Prospect Park was the second investment in the theme. Quilvest looks forward to building on this success with the new themes it targets in 2022.