Flex and R&D park near Boulder sells to CapRidge Partners for $37.8M
JLL Capital Markets arranged the sale of Creekside Business Park and acquisition financing for a larger portfolio
DENVER, Dec. 1, 2021 – JLL Capital Markets announced today that it has closed the $37.8 million sale of Creekside Business Park, a three-building light industrial park totaling 257,266 square feet in the Boulder-community of Longmont, Colorado, and arranged acquisition financing via a joint facility for the business park and a nearby 90,000 square foot, fully leased, industrial and R&D asset acquired by the purchaser in a simultaneous – but separate – transaction.
JLL represented the seller, Brass Creekside 2019, LP, an affiliate of Brass Real Estate out of San Antonio, Texas. Austin-based CapRidge Partners acquired Creekside Business Park. Additionally, JLL worked on behalf of the new buyer to arrange the non-recourse, floating-rate loan with an American investment company for both Creekside Business Park and the 90,000 square foot asset. The loan includes future funding for capital expenditures, tenant improvements and leasing commissions.
Creekside Business Park was competed between 1999 and 2001 and contains three-single-story buildings that were 65 percent leased at closing. The buildings feature clear heights ranging from 14 to 15.6 feet, 4.95-per-1,000 parking ratio and 11 drive-in doors.
Creekside Business Park is situated on 25.37 acres at 1900 Sunset St., 1811 Pike Rd. and 1921 Corporate Cir. The buildings are in Longmont, a northern Boulder suburb that is part of the booming Denver-Boulder MSA and part of Colorado’s technology hub. Both properties are proximate to Highway 119 and are central to the northwest region’s thriving innovation economy.
The JLL Capital Markets Investment Sale and Advisory team representing the seller in the Creekside Business Park transaction was led by Managing Director Larry Thiel and Jason Schmidt, alongside the JLL Agency Leasing team led by Senior Vice President Don Misner and Vice President Patrick McGettigan.
The JLL Capital Markets Debt Advisory team representing the borrower included Senior Managing Director Jim Curtin and Managing Director Leon McBroom.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Brass Real Estate Funds
Founded in 1991, Brass Real Estate is a premier owner and operator of office, light industrial projects, and land and is actively developing multifamily and single-family rental projects. Brass currently has $150 million in operating assets under management (AUM) in Colorado and Texas.
About CapRidge Partners
CapRidge Partners is a vertically integrated investment management company with decades of experience as both a local operator and an institutional investor. Their strategy is to acquire well-located office and flex/light industrial assets in nine select U.S. markets, including Denver. They target assets that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects. Since 2012, CapRidge has acquired 61 office and flex/light industrial buildings.