Office/Flex Property at CTC Sells for Record Price
Etkin Johnson Real Estate Partners has sold its office/flex property on 2.4 acres in the Colorado Technology Center (CTC) to a private investor for $5.635 million. Located at 305 S. Arthur Ave. in Louisville, the 17,940-square-foot building sold for approximately $314 per square foot, a record for the CTC.
Completed in 2017, the build-to-suit facility is currently leased to Accurence, a rapidly growing software company that specializes in homeowner insurance claims inspection.
“The combination of this property’s ideal location, contemporary design, energy-efficient upgrades and stable, long-term tenant proved highly attractive to the market,” said Derek Conn, executive vice president and partner at Etkin Johnson. “Like many of the properties within Etkin Johnson’s Colorado Technology Center portfolio, this building features a number of additional amenities designed to maximize the benefits of Colorado living. These factors contributed to a successful result for our investors as well as continued value for the asset long into the future.”
The building features an open office area, modern conference room, private huddle rooms and approximately 1,500 square feet of warehouse space. Capitalizing on views of the Flatirons, the spacious kitchen includes glass roll-up doors with access to one of the two outdoor patios.
Riki Hashimoto and Dan Grooters of Newmark Knight Frank represented Etkin Johnson in the transaction. The buyer was represented by Brad Pugh of Compass.
“This was one of the first assets we brought to market after the onset of COVID-19, and we were pleasantly surprised by the number of quality offers we received in a short period of time,” said Grooters. “This speaks to the location, strength of tenancy and high-quality building Etkin Johnson developed.”
Over the past two years, Etkin Johnson has secured multiple long-term leases within its 1.5 million-square-foot CTC portfolio, including CBD market leader Charlotte’s Web, Sierra Nevada Corporation and The Pro’s Closet. Earlier this year, the firm also completed the final 146,318-square-foot industrial/flex building of the Louisville Corporate Campus at CTC, located at 725 Tech Court.
Photo courtesy of Etkin Johnson