Out-of-state investment firms swapped a pair of Longmont flex buildings that house Cambrex Corp’s pharmaceutical manufacturing operations. (NYSE: CBM).
Barings LLC, a North Carolina-based global investor with a finger in the commercial real estate pot, bought the nearly 80,000 square foot campus, known as the Trade Center, for $30 million a year. through a holding company called TR Trade Center LLC.
The seller was TFG Trade Center Property LLC, a subsidiary of Tritower Financial Group LLP of Boston.
Cambrex came to occupy offices and laboratories at 2620 and 2600 Trade Center Ave. in 2018, after the acquisition of Avista Pharma Solutions Inc.
The Longmont site, according to Cambrex, is home to about 90 employees who are primarily involved in manufacturing small molecule drugs.
Cambrex has invested more than $15 million in improving the facility’s labs, according to Tritower, which bought the campus for $18 million in 2018.
While the Trade Center deal appears to be Barings LLC’s entry into the Boulder County commercial real estate market, Tritower is no stranger to flipping pharmaceutical properties for big returns.
The investor purchased Array BioPharma’s Boulder campus for $52.3 million in 2018. The four-building property at 3200 Walnut St. totals nearly 150,000 square feet.
Then in 2021, when the campus was occupied by Pfizer Inc. (NYSE: PFE) after its acquisition of Array, Tritower sold the campus for $99 million to Atlanta-based investment firm Invesco Ltd.
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