Pacific Acquisitions' Affiliate Acquires Fourth New Colorado Asset, Raising its Local Invesment Total to More Than $44 Million
All Four Facilities Combine Strong Single-Tenant Leases with Strategic North Metro Denver Locations
​DENVER (October 27, 2016) – CBRE Group, Inc. announced today the closing of the fourth in a series of recent acquisitions by affiliates of Pacific Acquisitions of Anchorage, Alaska. Today's $6.35 million purchase of the Matheson Building in Longmont, Colorado, follows the commercial property investment and management firm's Aug. 3, 2016, purchase of the Micron Technology Building, also in Longmont, its April 15, 2016, purchase of 4185 Salazar Way in Frederick, Colorado, and its initial Sept. 9, 2013, Colorado investment at 4690 Florence Street in Denver. All four acquisitions, which total more than $44 million, were properties 100-percent net leased to a single tenant at the time of sale.
"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 four 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 $1.5 billion in assets, with a focus on distribution centers, office and warehouse properties and R&D facilities, across the western United States over the past 25 years.
"The common theme across all four properties is that they are 100-percent leased to successful, growing companies with exceptional credit, long lease tenures and a demonstrated investment in their respective facilities," said Jim Bolt, executive vice president with CBRE Capital Markets, who represented Pacific Acquisitions in the purchases. "Pacific Acquisitions was strategic in the fact all four are well-positioned for long-term, reliable income."
Matheson Building
The most recent purchase, the Matheson Building is a 49,600-square foot, single tenant, office and R&D facility located at 1861-1871 Lefthand Circle in Longmont, Colorado. Originally constructed in 1982, the property includes two adjacent single-story buildings set on approximately 4.5 acres within the Campus at Longmont, a 2 million-square-foot business park in Boulder County. Matheson Tri-Gas, Inc., a global supplier of high quality gases and equipment, has leased the site for more than 23 years. The Pacific Acquisitions' affiliate purchased the Matheson Building for $6.35 million in a property sale that closed Oct. 27, 2016. The seller was Goff Capital Partners LP of Fort Worth, Texas, represented by CBRE's Geoff Baukol, Tyler Carner and Jeremy Ballenger.
Micron Technology Building
Also located within the Campus at Longmont in Boulder County, the Micron Technology Building is a 90,488-square-foot, single-story, office and R&D facility situated on 7.88 acres at 1900 Pike Road in Longmont, Colorado. The site is 100-percent leased to Micron, a global provider of semiconductor and memory systems. The property was acquired Aug. 3, 2016, for $14 million, also from seller Goff Capital Partners represented by CBRE's Mr. Baukol, Mr. Carner and Mr. Ballenger.
4185 Salazar Way
Earlier this year, the 2016 Colorado acquisitions were kicked off with the $16.5 million purchase of 4185 Salazar Way in Frederick, Colorado. The 200,420-square-foot, Class A industrial property is 100-percent net leased to OtterBox, designer and manufacturer of premium protective solutions for mobile devices. Built in 2006, the building sits on 12.46 acres and serves as Otterbox's distribution headquarters for North America, strategically located between the company's corporate headquarters in Fort Collins and downtown Denver. The property was purchased from Founders Properties, LLC of Minneapolis, Minnesota, represented by CBRE's Mr. Carner and Mr. Ballenger, in a sale that closed April 15, 2016.
4690 Florence Street
Marking the first investment in the Centennial State, in September of 2013 Pacific Acquisitions' affiliate purchased the 100,175-square-foot industrial building at 4690 Florence Street in northeast Denver for $8 million. The property, which was originally built in 2003, is located within the Stapleton Industrial Center and is still fully leased to Broder Bros., Co. (previously Imprints Wholesale), makers and distributors of imprintable apparel and accessories. The facility was purchased from S.A.L. Holdings.
All four properties 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."
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.​​