Balfour Pacific Capital Inc., through its entity GCC Longmont Holdings LLC, has sold six buildings in The Campus at Longmont to out-of-state and local buyers. The value of the sales totaled $28.73 million.

Buyers pay $28.7M for Longmont industrial buildings

LONGMONT — Balfour Pacific Capital Inc., through its entity GCC Longmont Holdings LLC, has sold six buildings in The Campus at Longmont to out-of-state and local buyers. The value of the sales totaled $28.73 million.

Jakobson Properties LLC, a New York real estate investment company operating through the entity 62 1625-1751 S. Fordham LLC, purchased two fully leased industrial buildings at 1625 and 1752 S. Fordham St. for $19.67 million. The buildings encompass 123,000 square feet. The sale occurred through an off-market transaction.

Tenants for the properties include Western Digital Technologies Inc., Enersys Advanced Systems, vAuto Inc. and Analytical Spectral Devices Inc.

Hunter Barto and Dryden Dunsmore of Dean Callan & Co. represented the seller in the transaction, while Becky Gamble, Beau Gamble and Kevin Nelson, also of Dean Callan, represented the buyer.

“It just kind of made sense for them [GCC],” Dunsmore said. “It was a fully leased asset. We knew that this would be a good investment for a buyer looking to break into the market.”

Jakobson previously has purchased properties in Boulder and Louisville, including the Colorado Athletic Club building at 505 Thunderbird Drive in Boulder, which it acquired in March 2017 for $8 million.

“They know the market,” Dunsmore said. “They felt that Longmont was a great part of Boulder County to get into, with great upside.”

Separately, GCC Longmont Holdings sold four buildings to entities controlled by Chernoff Boulder Properties. The sales included:

  • 1823 Sunset St., 1823 Sunset LLC, $925,000.
  • 1833 Sunset St., 1833 Sunset LLC, $1,065,000.
  • 1375 Ken Pratt Blvd., 1375 Ken Pratt LLC, $1,750,000.
  • 2101 Ken Pratt Blvd., 2101 Ken Pratt LLC, $5,320,000.

The Campus at Longmont is a 27-building office/flex campus in the southwestern part of the city. GCC Longmont Holdings acquired 27 buildings in the Campus at Longmont in June 2017. Balfour is based in Vancouver, British Columbia.

Dunsmore said that, despite these sales, GCC intends to maintain its Longmont portfolio.

““It’s not really their intent to start selling buildings right now,” he said.