LONGMONT — Balfour Pacific Capital Inc., a real estate and private-equity firm based in Vancouver, Canada, has acquired 27 commercial buildings in the Campus at Longmont for $69.6 million.
Balfour Pacific, led by Sam Belzberg, acquired the buildings, totaling 870,000 square feet, last month from Crescent Real Estate, which has dual headquarters in Centennial and Fort Worth, Texas.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
Boulder-based Dean Callan & Co.’s Hunter Barto and Dryden Dunsmore are the leasing agents for Balfour Pacific. Dean Callan & Co. has a long history with the portfolio dating back to 2006, handling the leasing for previous owners Circle Capital Longmont LLC and later Goff Capital Partners LP, now known as Crescent Real Estate. Kory Cash and his team at Sentinel Management Inc., will continue to manage the properties.
The Campus at Longmont in southwest Longmont consists of predominantly single-story office/flex buildings. The properties are approximately 85 percent leased. Vacancies range from 1,250 square feet to 34,000 square feet, with NextLight 1-gigabit fiber and grade-level and dock-high loading, according to a statement issued Wednesday by Dean Callan & Co.
In 2012, when Crescent was operating as Goff Capital Partners, it acquired 34 buildings totaling 1.13 square feet in the Campus at Longmont for $58.3 million from Circle Capital Longmont LLC. Recently, Crescent sold three of those buildings on the campus to Alaska-based Pacific Acquisitions LLC.