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