LONGMONT, COLO. — Essex Financial Group has arranged $13.8 million in financing for the purchase of Front Range Business Park, a two-building industrial/flex complex located in the Boulder County city of Longmont.
Essex worked on behalf of the buyer, Ivy Realty, to source the seven-year, fixed-rate loan with a regional bank. The financing includes an interest-only component with prepayment flexibility to match the buyer’s business plan. The seller was not disclosed.
Front Range Business Park is 100 percent leased to the State of Colorado’s Front Range Community College (FRCC) on a long-term lease. Built in 1988, the property was originally designed for small-bay industrial/flex use and includes nine dock-high loading doors between the two buildings. The property was converted for the school in 2003, where FRCC has been the sole tenant for the past 19 years.
Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team secured the financing.