Pacific Acquisitions’ Affiliate Acquires 4th New CO Asset
Denver, CO – CBRE Group, Inc. recently announced the closing of the fourth in a series of recent acquisitions by affiliates of Pacific Acquisitions of Anchorage, Alaska. This $6.35 million purchase of the Matheson Building in Longmont, Colorado, follows the commercial property investment and management firm’s Aug. 3, 2016, purchase of the Micron Technology Building, also in Longmont, its April 15, 2016, purchase of 4185 Salazar Way in Frederick, Colorado, and its initial Sept. 9, 2013, Colorado investment at 4690 Florence Street in Denver. All four acquisitions, which total more than $44 million, were properties 100-percent net leased to a single tenant at the time of sale.
“The Denver market is performing exceptionally well as of late. Between the diversified economy and positive demographic trends, we expect the market will continue to grow at a pace well-above average, meaning solid investments like the four we’ve most recently made are well-positioned to benefit,” said Stuart Bond, managing director with Pacific Acquisitions, which has purchased or sold more than $1.5 billion in assets, with a focus on distribution centers, office and warehouse properties and R&D facilities, across the western United States over the past 25 years.
“The common theme across all four properties is that they are 100-percent leased to successful, growing companies with exceptional credit, long lease tenures and a demonstrated investment in their respective facilities,” said Jim Bolt, executive vice president with CBRE Capital Markets, who represented Pacific Acquisitions in the purchases. “Pacific Acquisitions was strategic in the fact all four are well-positioned for long-term, reliable income.”
The most recent purchase, the Matheson Building is a 49,600-square foot, single tenant, office and R&D facility located at 1861-1871 Lefthand Circle in Longmont, Colorado. Originally constructed in 1982, the property includes two adjacent single-story buildings set on approximately 4.5 acres within the Campus at Longmont, a 2 million-square-foot business park in Boulder County. Matheson Tri-Gas, Inc., a global supplier of high quality gases and equipment, has leased the site for more than 23 years. The Pacific Acquisitions’ affiliate purchased the Matheson Building for $6.35 million in a property sale that closed Oct. 27, 2016. The seller was Goff Capital Partners LP of Fort Worth, Texas, represented by CBRE’s Geoff Baukol, Tyler Carner and Jeremy Ballenger.
Micron Technology Building
Also located within the Campus at Longmont in Boulder County, the Micron Technology Building is a 90,488-square-foot, single-story, office and R&D facility situated on 7.88 acres at 1900 Pike Road in Longmont, Colorado. The site is 100-percent leased to Micron, a global provider of semiconductor and memory systems. The property was acquired Aug. 3, 2016, for $14 million, also from seller Goff Capital Partners represented by CBRE’s Mr. Baukol, Mr. Carner and Mr. Ballenger.
4185 Salazar Way
Earlier this year, the 2016 Colorado acquisitions were kicked off with the $16.5 million purchase of 4185 Salazar Way in Frederick, Colorado. The 200,420-square-foot, Class A industrial property is 100-percent net leased to OtterBox, designer and manufacturer of premium protective solutions for mobile devices. Built in 2006, the building sits on 12.46 acres and serves as Otterbox’s distribution headquarters for North America, strategically located between the company’s corporate headquarters in Fort Collins and downtown Denver. The property was purchased from Founders Properties, LLC of Minneapolis, Minnesota, represented by CBRE’s Mr. Carner and Mr. Ballenger, in a sale that closed April 15, 2016.
4690 Florence Street
Marking the first investment in the Centennial State, in September of 2013 Pacific Acquisitions’ affiliate purchased the 100,175-square-foot industrial building at 4690 Florence Street in northeast Denver for $8 million. The property, which was originally built in 2003, is located within the Stapleton Industrial Center and is still fully leased to Broder Bros., Co. (previously Imprints Wholesale), makers and distributors of imprintable apparel and accessories. The facility was purchased from S.A.L. Holdings.
Image courtesy of CBRE