News
Harbert United States Real Estate Fund V Closes on Denver Office Portfolio
HUSREF V Completes Acquisition of Denver Office Portfolio with Bancroft Capital
Birmingham, Alabama, Oct. 30, 2014 – Harbert United States Real Estate Fund V, L.P. (“HUSREF V”), in conjunction with Bancroft Capital (“Bancroft” or together with HUSREF V, the “JV”) recently acquired Denver Highlands I and Denver Highlands II, (together “Denver Highlands”), two adjacent but separately owned Class-B+ office buildings totalling 365,000 square feet in Denver, Colorado.
HUSREF V and Bancroft negotiated a simultaneous close on October 30, 2014 with the owners of Denver Highlands I and Denver Highlands II, which were developed as a cohesive office campus but eventually broken apart and sold off individually. The JV intends to undertake a $12.1 million redevelopment of Denver Highlands to recreate the campus environment the buildings lost over the years under separate ownership and renovate the buildings to true Class-A finishes. The repositioned Denver Highlands campus will provide some of the highest quality suburban office space in the market and will offer a compelling value proposition to prospective tenants. The acquisition is the first joint venture between the HUSRE Investment Team and Bancroft Capital.
To view the full press release, please click here.