Berkeley Partners offloads building in Longmont portfolio

LONGMONT —  California real estate company Berkeley Partners LLC has sold off a building in its Longmont office and flex-space portfolio to another investor in the Golden State.

Berkeley Partners holding company BPVIF V Holdings 13 LLC last month offloaded the space at 1851 Lefthand Circle to Lane Longmont LLC, an affiliate of Los Angeles-based Pearl Lane Investments for $11.1 million. 

The building is about 30,000 square feet — about half of which is office space and the other half industrial — and was built in 1983, according to Boulder County property records. It sits on about two acres. 

Berkeley Partners, which also owns commercial spaces in Boulder, made a significant investment in Longmont flex space in March, buying nine buildings in the Campus at Longmont business park from Balfour Pacific Capital Inc. for a bit more than $20 million.

The deal, Balfour’s first with Berkeley Partners, represented a major divestment of Longmont commercial real estate by Balfour, which at the time had 10 remaining properties in the Campus portfolio.

Balfour entered the Longmont market in 2017 with the purchase of 27 commercial properties totalling 870,000 square feet in the Campus at Longmont business park at a price of $69.6 million.

Pearl Lane Investments is something of an unknown quantity on the local real estate investment scene.

The holding company was registered in August to an address in Los Angeles by Brighton-based Capitol Corporate Services Inc.

Pearl Lane does not appear to have made any other local transactions in recent years and does not have a robust web presence or online property portfolio.

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