Colorado manufacturing facility trades for $13.16M
JLL Capital Markets arranged the sale and acquisition loan for the net-leased Longmont asset
DENVER, Feb. 10, 2021 – JLL Capital Markets announced today that it has closed the $13.16 million sale of and secured $7.9 million in acquisition financing for Longmont Business Park, a 195,086-square-foot, single-tenant, infill manufacturing facility triple net leased to Circle Graphics in the Boulder County community of Longmont, Colorado.
JLL marketed the property on behalf of the seller, Real Capital Solutions. Ivy Realty purchased the asset. Additionally, working on behalf of the new owner, JLL placed the nine-year, fixed-rate, non-recourse acquisition loan with a national balance sheet lender.
Built in phases from 1947 to 1965, the one-building facility features heavy power and ceiling heights ranging from 16 to 22 feet, 10 dock-high doors and trailer parking for more than 40 trailers. The tenant, world’s foremost producer of grand- and large-format digital graphics, operates large-scale printers in the facility and recently extended its long-term lease.
Longmont Business Park is at 120 9th Ave. in Longmont, a Boulder County community on the northern edge of metro Denver with access to a deep talent pool of highly educated and skilled workers. This infill location is proximate to Interstate 25 and Highways 119 and 287, which provide exceptional regional access to both Boulder, which is 25 minutes away, and Denver, which is 45 minutes from the property. Additionally, Longmont Business Park is approximately 47 minutes from Denver International Airport.
The team representing the seller included Managing Director Larry Thiel with JLL Capital Markets and Executive Vice President Carmon Hicks with JLL’s Logistics & Industrial Services team, along with Vice President Patrick McGettigan and Senior Vice President Joe Heath with JLL’s Agency Leasing team.
“The Longmont Business Park offering attracted a diverse buyer pool looking to invest in Boulder County, the industrial sector and long-term leased assets,” Thiel said. “There aren’t enough quality assets currently available for sale to quench the investor appetite for assets with similar attributes.”
The JLL Capital Markets Debt Placement team representing the borrower included Managing Director Leon McBroom and Director Rob Bova.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Real Capital Solutions
Real Capital Solutions is a highly entrepreneurial real estate company that invests smart capital and provides practical solutions for real estate opportunities. For over 30 years, RCS has achieved great success investing in entrepreneurial real estate ventures. During that time, the company has purchased and managed more than 325 real estate assets, totaling approximately $2.5 billion in acquisition value. RCS’ investment performance is the result of a solutions-oriented approach to property acquisition, development, management and divestiture. RCS expects to continue producing exceptional returns for its investors by working with operating partners that share the same entrepreneurial drive and operational precision in order to achieve extraordinary performance.
RCS seeks opportunities with a value-add, development and/or opportunistic components and is willing to invest in most markets for these opportunities. The RCS team prides itself on its real estate expertise and its extensive investment track record, which is among the best in the industry.
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company and has acquired more than $2.4 billion in assets and currently has a portfolio exceeding six million square feet of office, industrial, residential and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. For more information, visit ivy-realty.com.