Pacific Acquisitions snaps up third building in Campus at Longmont

LONGMONT — The building that houses GE Lighting-Albeo in the Campus at Longmont has been sold for $11.3 million.

Crescent Real Estate LLC of Fort Worth, Texas sold the 152,000-square-foot building to Pacific Acquisitions LLC based in Anchorage, Alaska, that used two entities — Trafalger Properties LLC and Duodecimus Properties LLC — to make the purchase.

It is the third building in the Campus at Longmont and fifth in the local market that Pacific Acquisitions has acquired.

GE Lighting-Albeo, a manufacturer of lighting systems, will continue to occupy the space after signing a long-term lease with Crescent prior to the sale, said Ted Hinchman with Crescent’s office in Centennial.

The property is part of the Campus at Longmont that was acquired by Goff Capital Partners, now an affiliate with Crescent Real Estate, in 2012 for $58.3 million. That purchase included 34 buildings totaling 1.13 million square feet of office, flex and warehouse space on 130 acres.

Crescent sold two buildings from that portfolio to Pacific Acquisitions last year, including a 49,600-square-foot building at 1861-1871 Lefthand Circle that houses Matheson Tri-Gas Inc. for $6.4 million, and a 90,500-square-foot building at 1900 Pike Road in the Campus at Longmont occupied by Micron Technology Inc. for $14 million.

In April of last year, Pacific Acquisitions purchased a 200,420-square-foot building in Frederick for $16.6 million from Minnesota-based Founders Property. Fort Collins-based Otter Products LLC is leasing the warehouse and using it as a national distribution center.

In 2013, Pacific Acquisitions made its first purchase in the region, a $100,175-square-foot industrial building at 4690 Florence St. in northeast Denver for $8 million.

Pacific’s primary investment strategy is to acquire individual Class A or B, single-tenant industrial warehouses in primary and secondary markets throughout the United States, said Stuart Bond, who leads Pacific Acquisitions. In addition to Colorado, Pacific Acquisitions has invested in properties in eight other states, he said.

In 2011, Goff bought Flatiron Park, a business park in east Boulder for $67.8 million.