LONGMONT — Conscience Bay Co., with headquarters at 929 Pearl St. in Boulder, has purchased the Seagate Technologies LLC property in Longmont for $101.5 million.
Seagate, which operates a 529,437-square-foot research and production facility on 40.51 acres at 389 Disc Drive near the intersection of Nelson Road and North 75th Street in west Longmont, will lease back the property for 10 years. The deal was recorded June 28.
Conscience Bay formed two companies, Sag Harbor LLC and Sag Harbor Dirt LLC, to conduct the transaction, according to Boulder County property records. Sag Harbor LLC bought the main facility for $99.5 million. Sag Harbor Dirt bought additional property for $2 million, records show.
“It was publicly marketed, and we responded,” said Ben Woolf, co-founder of Conscience Bay. His company secured a $58.5 million acquisition loan from Essex Financial Group, a Denver-based financial company, Woolf confirmed.
Conscience Bay, a certified B Corp., owns commercial and ag-related properties with a focus on the Denver region. Prior to this purchase, it owned 1.5 million square feet of commercial property. It often will work with tenants of its properties to install renewable-energy resources and increase energy efficiency. Woolf said it has no immediate plans to do that with the Seagate property but will explore the idea in later months.
Seagate is a producer of mass capacity data storage. The Fremont, California-based company has been operating in Longmont since its facility was built there in 1999. It employs about 950 workers, according to a report in MileHighCRE.
Becky Gamble, who owns the Dean Callan commercial brokerage in Boulder, said the deal was good for all parties. “I think it was a nice transaction for both parties. Seagate gets operating capital and Conscience Bay gets solid / stable long-term cash flow,” she said in an emailed note to BizWest.
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