California investor buys Medtronic campus in Gunbarrel


For the second time since late 2020, Medtronic Inc.’s campus in the Gunbarrel neighborhood of Boulder has changed hands.

The flexible, seven-building, 453,565-square-foot campus at 5920 Longbow Drive and nearly eight acres of adjacent undeveloped land was purchased last month for $ 125.5 million, according to Boulder County property records. , more than triple what the property sold for a little more a year ago.

Texas investment group Crescent Real Estate LLC, which bought the campus in December 2020 for $ 36.5 million through holding company GPIF MT Boulder LLC – GPIF stands for GP Innovation Funds, a unit formed after the 2016 merger of Crescent Real Estate Holdings and Goff Capital Partners – sold the site to 5920 Boulder LLC, a registered entity in San Mateo, California, office address and industrial real estate investor SteelWave LLC.

SteelWave also has a large office space in Louisville and others in Greenwood Village and Denver.

Representatives for Crescent, Steelwave and Medtronic did not immediately respond to requests for comment Tuesday afternoon.

Covidien, a subsidiary of medical device maker Medtronic, built the $ 18 million, 63,000 square foot Gunbarrel research and development center in 2011.

Medtronic relocated two manufacturing lines from the plant in 2016, according to media reports.

Medtronic, headquartered in Dublin, Ireland, is building a new corporate campus in Lafayette.

The company will consolidate part of its Louisville and Gunbarrel operations in 400,000 square feet of new offices and laboratories in two five-story buildings. The hope is to start moving into the new campus by the end of this year.

The Boulder area has become an increasingly attractive market for out-of-state investors looking to acquire biotech facilities.

Earlier this month, Boston-based Beacon Capital Partners LLC purchased 45,345 square feet of space at 2865 and 2885 Wilderness Place in Boulder for just over $ 18.6 million in the hopes that a renovation will attract a long-term tenant to the life sciences industry. .

“Bigger, well-capitalized and very bullish life sciences players continue to enter our market,” real estate broker Scott Crabtree, who facilitated the Beacon deal, said in a statement this week.

Last year, Atlanta-based investment firm Invesco Ltd. purchased a 151,384 square foot office and laboratory campus occupied by Pfizer Inc. (NYSE: PFE) on Walnut Street in Boulder for $ 99 million.

Flexible industrial spaces, especially those that can support bioscience users, are “all the rage right now,” WW Reynolds Cos. President Jeff Wingert said last year at a table. BizWest CEOs round on the commercial real estate industry.

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