Colorado’s Largest Industrial Portfolio Sells for $247.5M

Spine Road Business Center, 6325 Spine Rd., Boulder. Photo courtesy of Etkin Johnson.

DENVER — Etkin Johnson Real Estate Partners, a full-service, privately owned commercial real estate investment and development company based in Colorado, has sold its 1.95-million-square-foot Colorado Industrial Portfolio (CIP) to Berkeley Partners for $247.5 million. The sale marks Berkeley Partners’ first acquisition in the Colorado Market.

“Bruce Etkin and David Johnson’s visionary assemblage of this portfolio nearly 30 years ago has led to phenomenal success for Etkin Johnson and its investors,” said Derek Conn, principal at Etkin Johnson. “Since then, we’ve remained committed to superior management and maintenance, providing exceptional workplaces for our tenants while maximizing stakeholder value. This sale allows us to return a significant profit to our investors, and position Etkin Johnson for the next 30 years as we continue diversifying our portfolio.”

Etkin Johnson acquired the 19 properties, which range in size from 26,078 square feet to 293,510 square feet, between 1990 and 1998. The portfolio was 93 percent leased at the time of the sale.

“Berkeley Partners is excited to be completing this acquisition with Etkin Johnson,” said Matt Novak, a partner at Berkeley Partners. “This was a very well-constructed portfolio of infill industrial. The Denver metro has been experiencing rapid growth, driving demand for industrial. This acquisition provides us a critical mass of properties in the market, and our goal is to hold these assets for 10 to 20-plus years, benefiting from the favorable long-term industrial supply/demand fundamentals.”

The CIP properties are:

  • Spine Road Business Center, 6325 Spine Rd., Boulder, CO 80301
  • Walnut Business Center, 4725 Walnut St., Boulder, CO 80301
  • Business Center at Westminster, 6020-6494 W. 91st Ave., Westminster, CO 80031
  • Broadway Business Center, 7000 N. Broadway, Denver, CO 80221
  • L&K Business Center, 10790 W. 50th Ave., Wheat Ridge, CO 80033
  • West I-70 Business Center, 4935 & 4941 Allison, 8041 and 8141 W. I-70 Frontage Rd., Arvada, CO 80002
  • North Washington Business Center, 6200-6300 N. Washington St., Denver, CO 80216
  • Joliet Business Center, 5175 Joliet St., Denver, CO 80239
  • Nome Service Center, 4920-5060 Nome Street, Denver, CO 80239
  • Moncrieff Business Center, 14603 East Moncrieff Place, Aurora, CO 80011
  • 6&40 Business Center, 400-525 Violet St., Golden, CO 80401
  • Academy Downs Business Center, 6900 and 6900-6950 W. Jefferson Ave., Lakewood, CO 80235
  • Peakview Business Center, 10949 E. Peakview Ave., Englewood, CO 80111
  • Lincoln Executive Business Center, 11211 E. Arapahoe Rd., Centennial, CO 80112
  • Inverness Business Center South, 355-361 Inverness Dr. South, Englewood, CO 80112
  • Centennial Business Center, 4815 List Dr., Colorado Springs, CO 80919
  • Centennial Research Center, 5001-5025 Centennial Blvd., Colorado Springs, CO 80919
  • Washington Place Business Center, 12421 Washington Street, Thornton, CO 80241
  • Waynoka Business Center, 2460 Waynoka Pl., Colorado Springs, CO 80915

Jim Bolt, Jeremy Ballenger, Tyler Carner and Mike Winn of CBRE represented Etkin Johnson in the transaction.

“This sale represented a unique opportunity to own a critical mass of infill industrial in Colorado’s growing Front Range markets,” said Jeremy Ballenger, senior vice president with CBRE. “The attractive tenant mix and well-maintained properties affords Berkeley a great path forward as one of the largest industrial owners in Colorado.”

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