Utah buyer pays $44 million for Greeley industrial property

GREELEY — A Utah real estate company with national reach paid $44 million for an industrial/warehouse building and 25 acres in southeast Greeley, according to the Weld County Assessor and Clerk and Recorder offices.

BLNL Co Greeley LLC bought the properties at 259 30th St. from CJBL Land Ltd LLC and Craig Broughton on Sept. 21, a deed filed with the clerk and recorder’s office shows. The new owner was expected to be reflected on the assessor’s website by Wednesday morning, the assessor’s office said.

The legal description of the parcel is Tract B of the Greeley Commerce Center.

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The deed lists CJBL as located in Broomfield and Craig Broughton in Sedalia. BLNL is an affiliate of Bridge Investment Group in New York City. Bridge is the operating company for a real estate developer whose managing member is Bridge Investment Group Holdings Inc. (NYSE: BRDG) in Sandy, Utah.

Bridge had some $29 billion in assets under management as of June 30, its website said. Holdings span 40 states and include “multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies and agency mortgage-backed securities.”

The managing member took about 20% of the overall company public on July 20 at $16 a share, raising a net $274 million. It traded recently at about $17 a share for a $432 million market cap. Annual revenue is tracking this year to about $300 million, a second-quarter report indicated.

Bridge properties in Colorado include 20 buildings in the Denver West Business Park in Lakewood and the 400 South Colorado building in Denver, according to one of the company’s websites.

Prior to last month’s sale, the Greeley property most recently sold in April 2014 for $4.4 million. The property includes some vacant land. 

The property is near the intersection of U.S. Highway 85 and U.S. Highway 34 Bypass and includes 308,000 square feet of industrial space. Businesses include CJBL Cold Storage LLC and All American Pet Proteins, a trade name for Protein for Pets Opco LLC.

AAPP sold in June to Missouri-based 3D Corporate Solutions LLC, backed by Connecticut private equity firm Olympus Partners. The buyer and seller process animal products for pet food.

AAPP was cofounded in 2014 by John Landers, CEO of CJBL Land Ltd LLC, and Broughton. The two men led a group that bought the former R.R. Donnelley Norwest Inc. commercial printing site and buildings to launch All American Pet Products.

Attempts to contact the parties in the most recent transaction weren’t immediately successful.