NJ’s Ivy Realty buys FRCC buildings in Longmont

LONGMONT — A pair of out-of-town investors have traded a two-building campus in Longmont that’s home to the Boulder County Front Range Community College campus.

The properties at 2190 and 2121 Miller Drive, which total about 117,000 square feet, were bought by Ivy Front Range Property LLC, a holding company operated by Montvale, N.J., investment outfit Ivy Realty LLC, for $20.95 million, Boulder County real estate records show.

The seller was GIP Longmont LLC, an affiliate of Government Investment Properties. 

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GIP, an Illinois-based real estate investor that specializes in properties with long-term leases with government entities in place, bought the FRCC classroom buildings in April 2021 for $17.6 million.

The Miller Drive offices, built about 34 years ago, had been part of multi-property sales in 2005 and 2011.

Ivy has been active in the Boulder County market in recent years, acquiring a 60,000-square-foot light-manufacturing facility in Louisville’s Colorado Tech Center this spring for $12.75 million, buying the Longmont commercial space that’s home to large-format digital graphics firm Circle Graphics Inc. in 2021 for almost $13.2 million, and offloading a pair of Boulder office buildings at Sterling Drive for a total of almost $14 million.