News

Boston, MA, September 29, 2005

Intercontinental Real Estate Corporation Acquires The Commons at Concord Park

Intercontinental Real Estate Corporation, a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of The Commons at Concord Park in San Antonio, Texas.  The purchase marks the 28th acquisition on behalf of Intercontinental Real Estate Investment Fund III, LLC, a $350 million private equity fund sponsored by Intercontinental Real Estate Corporation.
         The Commons at Concord Park is a four building, 108,099 square foot, one and two-story office complex located at the intersection of Sonterra Boulevard and Ronald Reagan Drive.  Constructed in phases from 2001 to 2004, each of the four buildings boasts limestone features and Class A interior finishes.  Situated within a 170 acre master planned mixed use development, The Commons is located in a highly desirable office park in the greater San Antonio metropolitan area.  The park has an exceptional location less than a mile from the intersection of Highway 281, the north-south artery of San Antonio and Loop 1604, the city’s outer beltway.   Concord Property Corporation will be the property manager and Travis Commercial Real Estate Services will lease the property.
         Peter Palandjian, CEO and Chairman of Intercontinental, commented “The property’s ideal location coupled with its high quality architectural features and strong rent roll offer a very attractive investment opportunity for the Fund.  This acquisition marks an exciting increase in our Texas presence, one that we have been cultivating over the last four years.”
         Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed over $3 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental manages a portfolio in excess of $1 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects.