DENVER – Etkin Johnson Real Estate Partners, a full-service, privately owned commercial real estate investment and development company based in Colorado, today announced the sale of its property at 295 Interlocken Boulevard in Broomfield, to California-based Steve and Loretta Scheenstra Trust for $8,615,000. NavPoint Real Estate Group, based in Castle Rock, Colorado, will manage the property moving forward.
“This sale is the culmination of a successful investment for Etkin Johnson and its partners, and we are working with NavPoint to ensure a seamless transition for all of our tenants,” said Derek Conn, executive vice president and partner at Etkin Johnson. “We remain very invested in the Northwest Corridor and are looking forward to many continued years of prosperity in the region.”
Originally constructed in 1984, the property includes 65,127-square-feet of high-quality office/flex space, currently divided into eight business suites. The property was 92 percent leased at the time of sale. Located along the US 36 Corridor, the property is part of the established Interlocken Business Park at the intersection of Interlocken Boulevard and Interlocken Parkway.
Newmark Knight Frank brokers Riki Hashimoto and Dan Grooters represented Etkin Johnson in the transaction.
“It was a pleasure working alongside the Etkin Johnson team on this disposition assignment,” said Hashimoto. “The property’s strong positioning in the marketplace is a testament to how Etkin Johnson owns and manages their portfolio of properties. This opportunity attracted several serious buyer groups, however, the Scheenstra Trust seemed to have a similar ownership style as Etkin Johnson, and we felt as though they would be excellent stewards of this real estate in the years to come.”
Matt Call and John Witt from NavPoint represented the Scheenstra Trust.
“Our client was attracted to the strong Interlocken Business Park location and the fact that Etkin Johnson clearly had strong pride of ownership, which was reflected in the rent roll and condition of the asset,” said Call.
Etkin Johnson purchased 295 Interlocken in December 2009 for $6.92 million.
With the completion of this sale, Etkin Johnson will focus its attention on multiple developments in progress including the completion of 633 CTC Boulevard (153,018-square-feet of industrial/flex space), as well as the start of construction on the Louisville Corporate Campus at CTC (up to 400,000-square-feet of industrial/flex space) and phase one of The Gateway at InterQuest (288-unit apartment development) in Colorado Springs.
Etkin Johnson currently owns nearly 5 million square feet of industrial, commercial, hospitality and multifamily properties in Colorado, including 1.2 million-square-feet (and growing) in the Colorado Technology Center.
Image courtesy of Etkin Johnson.