Medtronic sells Gunbarrel campus to Crescent for $36.5M

BOULDER — Medical-device maker Medtronic Inc. recently offloaded its seven-building, 453,565-square-foot flex-office campus and nearly eight acres of undeveloped land in Gunbarrel to investment group Crescent Real Estate LLC for $36.5 million
Boulder County public records show that the Longbow Drive campus was purchased by GPIF MT Boulder, an entity registered to Crescent’s Fort Worth, Texas, address. The GPIF stands for GP Innovation Funds, a unit formed after the 2016 combination of Crescent Real Estate Holdings and Goff Capital Partners.
The seller is listed as United States Surgical Corp., a former subsidiary of Covidien Plc. Medtronic bought Covidien in 2014 for S42.9 billion.
Crescent will lease the property back to Medtronic, according to a Crescent news release.
Dublin, Ireland-headquartered Medtronic is in the process of planning a new corporate campus in Lafayette after a similar attempt in neighboring Louisville failed to clear the city’s regulatory review process.
The firm is eyeing a roughly 42-acre parcel at a site just south of the Good Samaritan Medical Center to develop a nearly 600,000-square-foot complex.
Neither Medtronic nor Crescent were immediately available for comment Tuesday, so it is unclear whether the recent Gunbarrel sale is related to Medtronic’s efforts in Lafayette.
Editor’s note: This story has been corrected to include an accurate square footage total for the Medtronic campus. This updated story also includes additional information provided by Crescent.
© 2020 BizWest Media LLC
BOULDER — Medical-device maker Medtronic Inc. recently offloaded its seven-building, 453,565-square-foot flex-office campus and nearly eight acres of undeveloped land in Gunbarrel to investment group Crescent Real Estate LLC for $36.5 million
Boulder County public records show that the Longbow Drive campus was purchased by GPIF MT Boulder, an entity registered to Crescent’s Fort Worth, Texas, address. The GPIF stands for GP Innovation Funds, a unit formed after the 2016 combination of Crescent Real Estate Holdings and Goff Capital Partners.
The seller is listed as United States Surgical Corp., a former subsidiary of Covidien Plc. Medtronic…
Start your subscription to BizWest, The Business Journal of the Boulder Valley and Northern Colorado, TODAY!
Online access PLUS print versions of all Bizwest publications
One month subscription includes:
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-month subscription to BizWest & all of the publications in print version.
- 1-year access to daily email newsletter & breaking news alerts.
Online access for one year.
One month subscription includes:
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year access to daily email newsletter & breaking news alerts.
Online and print versions of all Bizwest publications PLUS premium access to BizWest Datastore for one year.
One year subscription includes:
- 1-year online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year subscription to BizWest & all of the publications in print version.
- 1-year premium online access to unlimited downloads from the BizWest Datastore!
- 1-year premium online access to the Breaking Ground website!
- 1-year access to daily email newsletter & breaking news alerts.
Premium access to the BreakingGround site plus online and print versions of all BizWest publications.
One year subscription includes:
- 1-year online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year subscription to BizWest & all of the publications in print version.
- 1-year premium online access to the Breaking Ground website!
- 1-year access to daily email newsletter & breaking news alerts.
Premium access to the BreakingGround site plus online and print versions of all BizWest publications.
One month subscription includes:
- 1-year premium online access to the Breaking Ground website!
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-month subscription to BizWest & all of the publications in print version.
- 1-year access to daily email newsletter & breaking news alerts.