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Equastone Repositions Properties Amidst Financial Turmoil for $27.9M
Colorado Springs, CO - Equastone, a private real estate investment firm, is pleased to announce that it has successfully refinanced two of its office buildings in Colorado Springs, Pikes Peak and Tech Center I. Strong leasing performance was the key to closing the refinancing. Pikes Peak was acquired at 53% occupancy and is now 92% occupied. Tech Center I was acquired at 55% leased and is now stabilized at 90% occupancy. This leasing success exemplifies the value-add goals that Equastone strived for in acquiring these properties just four years ago.
Todd Parker, executive vice president of Equastone, said, "Refinancing these two buildings at attractive terms today is a huge coup given how tight the credit markets are. The success of our finance team in closing this loan reflects the quality of the assets and the team's diligence in scouring the market for the right lender."
Pikes Peak is located at 5475 Mark Dabling Boulevard at the Rockrimmon and I-25 interchange in north central Colorado Springs. One of the few buildings of its size (84,888 SF) to offer substantial covered parking, Pikes Peak is readily visible from I-25. Major Tenants include KI, Coast IRB, ProLogic, EMUS, First Affirmative and TriWest. In 2007 and 2008 Equastone completed significant improvements to the building lobby, common areas and parking lot.
Tech Center I is located at 5450 Tech Center Drive at the Rockrimmon and I-25 interchange in north central Colorado Springs. Corporate headquarters to Intelligent Software Solutions, a major government contractor, Tech Center I is easily identified by its striking three story glass lobby that overlooks natural open space. Other major tenants include Northrop Grumman and United Healthcare Services.
About Equastone
Equastone specializes in the acquisition and asset management of opportunistic and value-added real estate. Equastone's affiliated funds currently own 58 office and flex buildings encompassing over 9 million rentable square feet in California, Arizona, Colorado, Georgia, Louisiana, Nevada, Oregon and Texas. Equastone manages investment capital on behalf of Equastone Real Estate Funds, which are private equity funds for high net-worth and institutional investors. For more information about Equastone visit www.equastone.com.
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