Utah buyer pays $ 44 million for Greeley industrial property – Greeley Tribune

GREELEY – A nationwide Utah real estate company paid $ 44 million for an industrial / warehouse building and 25 acres in southeast Greeley, according to the offices of Weld County Assessor and Clerk and Recorder.

BLNL Co Greeley LLC purchased the properties at 259 30th St. from CJBL Land Ltd LLC and Craig Broughton on September 21, a deed filed with the Registrar and Registrar’s Office. The new owner was to be reflected on the appraiser’s website on Wednesday morning, the appraiser’s office said.

The legal description of the parcel is Tract B from the Greeley Commerce Center.

The deed states that CJBL is located in Broomfield and Craig Broughton in Sedalia. BLNL is a subsidiary of Bridge Investment Group in New York. Bridge is the operating company of a real estate developer whose managing member is Bridge Investment Group Holdings Inc. (NYSE: BRDG) in Sandy, Utah.

Bridge had some $ 29 billion in assets under management as of June 30, according to its website. The holdings span 40 states and include “affordable multi-family housing, senior housing, offices, development projects, logistics net leases, logistics properties, debt strategies and asset-backed securities. agency mortgages ”.

The managing member took about 20% of the company’s overall audience on July 20 at $ 16 per share, raising a net $ 274 million. It recently traded at around $ 17 a share with a market cap of $ 432 million. Annual revenue this year is around $ 300 million, according to a second quarter report.

The bridge properties in Colorado include 20 buildings in the Denver West Business Park in Lakewood and the 400 South Colorado building in Denver, according to one of the company’s websites.

Prior to last month’s sale, the Greeley property most recently sold in April 2014 for $ 4.4 million. The property includes some vacant lots.

The property is located near the intersection of US Highway 85 and US Highway 34 Bypass and includes 308,000 square feet of industrial space. The companies include CJBL Cold Storage LLC and All American Pet Proteins, a trade name for Protein for Pets Opco LLC.

AAPP was sold in June to Missouri-based 3D Corporate Solutions LLC, backed by Connecticut private equity firm Olympus Partners. The buyer and seller transform animal products into pet food.

AAPP was co-founded in 2014 by John Landers, CEO of CJBL Land Ltd LLC, and Broughton. The two men led a group that purchased the former commercial printing site and buildings from RR Donnelley Norwest Inc. to start All American Pet Products.

Attempts to contact the parties in the most recent transaction were not immediately successful.

© 2021 BizWest Media LLC

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