Flex and R&D park near Boulder sells to CapRidge Partners for $37.8M

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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