Campus at Longmont sells for $58 million
Goff Capital Partners acquired the campus last week from Circle Capital Longmont LLC. The portfolio includes 34 buildings and has 1.13 million square feet of office, flex and warehouse space on 130 acres, according to the Campus at Longmont's website.
The deal is Goff Capital Partners' third major acquisition in a year. The partnership, which has a local office in Centennial, now owns approximately 2 million square feet and 55 properties in Boulder County.
"We believe in the long-term economic and market fundamentals of Boulder County," Goff Capital Partners managing principal Conrad Suszynski said in a press release. "Boulder County's highly educated workforce and desirable quality of life supports the dynamic and entrepreneurial companies that are succeeding and expanding in today's economy."
Circle Capital Longmont LLC, the prior owner of the Campus at Longmont, bought the properties, approximately 2 million square feet of space, from Pratt Properties in a $142 million deal in 2005. Since 2005 Circle Capital sold some buildings of the campus prior to this deal.
The Campus' property management team will join Flatiron Property Management, a newly formed company, to manage the buildings, the release said. Kory Cash will be the general manager of the new company.
"We have had a great history with The Campus at Longmont, and I'm glad that our new property management company will allow us to continue serving our customers," Cash said in the release.
Scott Garel of Newmark Knight Frank Frederick Ross and Becky Callan Gamble, Hunter Barto and Dryden Dunsmore of Dean Callan & Co. will continue as the leasing brokers.
Goff entered the Boulder market last year when a joint venture it led bought 19 properties in the Flatiron Park business park, including the entire portfolio of Flatiron Park Co., giving it about 742,000 square feet. The total purchase price was more than $67.8 million, according to Boulder County property records.
Goff then bought the Diagonal Tech Center in Longmont, a two-building, 123,200-square-foot complex located at 1625 and 1721 Fordham St. That acquisition cost $6.875 million.
Longmont Diagonal Investments LP, a partnership formed by Goff, is the legal entity formed to make the acquisition and is the owner of the 34 buildings. No outside brokers were involved in negotiating the deal.
More breaking news...
Corgenix partners with Lily on diagnostics
EAGLE-Net plans to resume construction
The two companies will