A Boulder company stepped up its commitment to the southern Longmont flex/industrial market with the acquisition of three buildings for $7.4 million.
Chernoff Boulder Properties, a hands-on, boutique commercial real estate development firm, bought the buildings at 1801, 1811 and 1821 Lefthand Circle. Totaling 20,000 square feet each, they are located in the Campus at Longmont.
“We are very passionate about Longmont,” said Chernoff Boulder Properties CEO Seth Chernoff, whose company now owns a dozen buildings within a square-mile radius. “We feel like these buildings are very unique and have tremendous potential for improvement and value-add. We’re excited to expand our portfolio there.”
Creative Learning Systems occupies all of 1801 Lefthand Circle. The other buildings are leased to multiple tenants, including Matheson Tri-Gas Inc., Sentinel Property Management, the Denver Post, MedPro Imaging and others.
Balfour Pacific sold the buildings in an off-market deal handled by Hunter Barto and Dryden Dunsmore of Dean Callan & Co. The disposition followed Balfour’s recent sale of 1860 Lefthand Circle to a user.
Chernoff Boulder Properties plans some enhancements to the newly acquired assets, such as exterior lighting and painting. “We feel like there’s room for improvement there, and we want to be part of that,” Chernoff commented.
“In general, we feel like Longmont is very pro-business. They do a fabulous job recruiting companies to the area. It seems to be very family friendly, the city is great to work with. It’s just a very well-managed community,” he said, adding Longmont also does a good job of planning for future growth.
“The southern end is, for us, where we see our greatest ability to make a difference,” Chernoff said, noting the properties are close to Village at the Peaks mall, as well as numerous hotels, restaurants, breweries and other amenities.
Barto and Dunsmore are marketing available spaces in the buildings. Those include 10,000 sf of 16-foot-clear warehouse space and 5,000 sf of office space at 1821 Lefthand Circle, along with 5,000 sf of warehouse space at 1811 Lefthand.
The two also were the listing brokers on the disposition of 1860 Lefthand Circle, a 19,200-sf building that Balfour Pacific sold to Lefthand Holdings LLC. The buyer is affiliated with Longmont-based R/X Automation Solutions, which is expanding and will occupy the building.
“It was on the market for sale, but it went under contract with the first showing,” said Barto, adding there is a scarcity of product on the market. “It’s a really good building. It’s in the smaller size range and just made really good sense for this particular buyer,” he said.