Etkin Johnson Sells Successful Business Park for $77M
Etkin Johnson Real Estate Partners has sold Enterprise Park Business Center for $77 million. The three buildings, totaling 461,224 square feet, are located at 10035 East 40th Ave., 10075 East 40th Ave., and 3801 North Havana Street and were fully leased at the time of sale.
“Enterprise Park offers unparalleled connectivity and accessibility to I-70 and surrounding amenities in Central Park,” said Derek Conn, executive vice president and partner at Etkin Johnson. “When we developed these buildings, we set out to attract and retain strong-credit tenants and have achieved this mission with companies like Floor & Décor and Pinnacle. We are very proud of this result as it completes a roundtrip for our investors at a significant return.”
The business park features a highly energy-efficient design, using renewable power generated by wind and low-E glass that transmits more than 60 percent of the sun’s natural light while blocking more than 70% of its heat. The outer walls of the buildings were created out of runways that were recycled from the old Stapleton International Airport, part of one of the nation’s largest recycling projects.
Pinnacle Architectural Lighting, Inc. and Floor & Décor Outlets of America both signed long-term leases in 2018, occupying the 172,627-square-foot building at 3801 N. Havana St. and the 148,902-square-foot building at 10075 E. 40th Ave., respectively. Additional tenants include Champion Windows, Francini Marble and US Bank.
Jeremy Ballenger, Tyler Carner, Jim Bolt, Jessica Ostermick and Tim Richey of CBRE represented Etkin Johnson in the transaction.
“Enterprise Park has proven to be one of the most successful industrial business parks ever built in Denver,” said Ballenger. “Based on its I-70 access and its infill location only 10-15 minutes from Downtown Denver, Enterprise has consistently drawn the best tenant demand Denver has to offer.”
Photo courtesy of Etkin Johnson