Plenty of investors jumped at the chance to buy a Longmont office/research-and-development building leased to a leading technology company.
Micron Technology Inc.’s 90,488-square-foot building at 1900 Pike Road ultimately sold for $14 million, or $154.72 per sf.
Pacific Acquisitions LLC, an Anchorage, Alaska-based company, was the buyer. The seller was a Crescent Real Estate affiliate.
Micron, a publicly traded advanced memory and semiconductor technology company, has a long-term lease commitment to the building, a single-story, U-shaped structure that surrounds a central courtyard.
Tyler Carner
“The asset received tremendous interest due to the long-term nature of the lease and the strong credit tenancy that was
provided,” said Tyler Carner of CBRE, who listed the property with CBRE’s Geoff Baukol and Jeremy Ballenger.
“We certainly had a lot of attention from single-tenant focused investment groups, both private and institutional in nature,” Baukol added.
Micron Technology has made significant investments in the property since it took occupancy in 2012. It recently expanded into the entire building with completion of 21,075 sf of office and high-tech lab build-out.
The property also is undergoing façade, landscape/ hardscape, roof and signage improvements.
Baukol said the property provided reassurance many investors are looking for.
Geoff Baukol
“I think we’re at a point right now where a lot of investors are seeking security and certainty, and this absolutely was a fit for that,” he said.
Many investors also liked Longmont’s concentration of data storage companies and Boulder County address.
“The tech orientation of Boulder County and Longmont, along with the concentration of data storage companies, provided additional appeal for this investment and location,” he said.
Pacific Acquisitions, focused mostly on single-tenant industrial assets, earlier this year bought a 200,420-sf distribution building in Frederick that is leased to OtterBox. It also owns a distribution facility at 4690 Florence St. in Denver.
