Austin-based CapRidge Partners has acquired Creekside Business Park, a three-building light industrial park totaling 257,266 square feet in Longmont, for $37.8 million.
JLL Capital Markets represented the seller, Brass Creekside 2019, LP, an affiliate of Brass Real Estate out of San Antonio, Texas and arranged acquisition financing via a joint facility for the business park and a nearby 90,000-square-foot, fully leased, industrial and R&D asset acquired by the purchaser in a simultaneous – but separate – transaction.
Additionally, JLL worked on behalf of the new buyer to arrange the non-recourse, floating-rate loan with an American investment company for both Creekside Business Park and the 90,00-square-foot asset. The loan includes future funding for capital expenditures, tenant improvements, and leasing commissions.
Creekside Business Park was completed between 1999 and 2001 and contains three single-story buildings that were 65 percent leased at closing. The buildings feature clear heights ranging from 14 to 15.6 feet, 4.95-per-1,000 parking ratio and 11 drive-in doors.
Creekside Business Park is situated on 25.37 acres at 1900 Sunset St., 1811 Pike Rd. and 1921 Corporate Cir. Both properties are proximate to Highway 119 and are central to the northwest region’s thriving innovation economy.
The JLL Capital Markets Investment Sale and Advisory team representing the seller in the Creekside Business Park transaction was led by Managing Director Larry Thiel and Jason Schmidt, alongside the JLL Agency Leasing team led by Senior Vice President Don Misner and Vice President Patrick McGettigan.
The JLL Capital Markets Debt Advisory team representing the borrower included Senior Managing Director Jim Curtin and Managing Director Leon McBroom.