LONGMONT, CO-San Antonio-based Brass Real Estate Funds recently purchased the Creek Side flex-office building at 1921 Corporate Center Circle. Rick Rodriguez, president of Brass, declined to release the purchase price of the 86%-occupied, 256,266-sf building. However, he tells GlobeSt.com that his group bought it “significantly below replacement cost.”

Rodriguez says the company chose the market for a number of reasons including: a strong impediment to market entry; strong development restrictions limit competition; strong occupancy rates for competing class buildings; cash-on-cash return met the company’s investment criteria; and strong job growth potential.

The Creek Side facility is only a few years old. Its tenants include international technology companies Artemis International Solutions Corp., Mentor Graphics and Agere Systems. Rodriguez says the fund is intended to provide a current yield of 8% to investors and have the potential to double investor money.

According to Rodriguez, Brass is looking for other investments in Colorado. “We are looking for income-producing assets with value-add potential,” he tells GlobeSt.com. “Specifically, we are pinpointing under-performing assets in submarkets and asset classes that have not fully recovered from the downtrend of 2000 and 2001.”

The purchase was made through the Brass Real Estate Fund 7, a Texas limited partnership that is raising $25 million to $350 million. Investors in previous funds include high-net worth individuals, corporations, trusts, partnerships and institutional investors. The largest investor in the Brass Funds is the Rodriguez family.

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