DENVER (Feb. 6, 2017) - CBRE announced that it has arranged the sale of the General Electric building, a 152,218-square-foot, single tenant, office/flex facility located at 1844 Nelson Road in Longmont, Colorado, for $12.5 million.
Jim Bolt of CBRE's Denver office represented the buyer, an affiliate of Anchorage, Alaska-based Pacific Acquisitions, in the purchase, which closed Jan. 17, 2017. CBRE's Tyler Carner, Jeremy Ballenger and Geoff Baukol represented the seller, Crescent Real Estate Holdings LLC (formerly Goff Capital Partners LP) of Fort Worth, Texas. The purchase represents the buyer's fifth acquisition in the Denver region since 2013, totaling more than $56.5 million.
"The Denver market is performing exceptionally well as of late. Between the diversified economy and positive demographic trends, we expect the market will continue to grow at a pace well-above average, meaning solid investments like the five we've most recently made are well-positioned to benefit," said Stuart Bond, managing director with Pacific Acquisitions, which has purchased or sold more than $1 billion in assets across the western United States over the past 25 years, with a focus on distribution centers, office and warehouse properties and R&D facilities.
Originally constructed in 1994, the General Electric building sits on approximately 9.27 acres within the Campus at Longmont, a two million-square-foot business park in Boulder County. General Electric is the sole tenant, occupying the entire facility.
"The common theme across all five of these Colorado acquisitions is that they are properties leased to successful, growing companies with exceptional credit, long lease tenures and a demonstrated investment in their respective facilities," said Mr. Bolt, executive vice president, CBRE Capital Markets, Industrial & Logistics Services.
All of the properties were at or near 100-percent net leased to a single tenant at the time of sale and are located in the greater north Denver metro, notable for its concentration of tech and engineering firms and access to highly skilled and educated labor.
"From Fort Collins to Boulder to Denver, the north metro's reputation as both a high-tech industry hub and a fountain for top-tier talent is continuing to fuel impressive economic development," said Mr. Bolt. "It's good news for the companies located in the area and also for building owners in terms of seeing the value of their investment grow."
"We are extremely pleased to be able to continue to expand our portfolio in Denver and the surrounding area," added Mr. Bond. "We project continued increases in growth and demand for warehouse space and plan to pursue additional acquisitions in this market through 2017 and 2018."
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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