Etkin Johnson Closes on Largest Industrial Sale in Colorado, Makes Plans to Draw Down Operations after 32 Years
1.7M SF of industrial space sells for $392.9 million
DENVER (April 21, 2021) – Etkin Johnson Real Estate Partners, a full-service, privately owned commercial real estate investment and development company based in Colorado, recently completed the sale of a 16 property, 1.67 million-square-foot industrial portfolio in Louisville, CO to an institutional investor for $392.9 million. All 16 buildings are located within the Colorado Technology Center, a 580-acre master-planned business park near US 36 and the Northwest Parkway in Boulder County. Brokers Jeremy Ballenger, Tyler Carner, Jim Bolt, Tim Richey and Jessica Ostermick from CBRE represented Etkin Johnson in the transaction.
With this sale, Etkin Johnson will begin winding down business operations as it celebrates a historic 32-year run as one of the most influential home-grown commercial real estate companies in Colorado and recognizes the indelible legacy of its founders, Bruce Etkin and David Johnson.
“One of the core contributors to Etkin Johnson’s success has always been our ability to stay ahead of the curve when it comes to industry trends,” said Bruce Etkin, chairman of Etkin Johnson. “Our investments in industrial/flex space in prime locations over the last decade have proven prescient. Our CTC portfolio was in high demand, allowing us to select buyers who understand the value they bring and achieve strong returns for our investors.”
Etkin Johnson sold its CTC holdings following a rigorous search for entities that would continue operating the properties according to the high standards set by Etkin Johnson. The CTC sale ranks as the largest industrial sale in Colorado’s history by dollar volume, topping Etkin Johnson’s own 2019 record-breaking sale of its Colorado Industrial Portfolio for $247.5 million.
“These irreplaceable, highly functional buildings represent Colorado’s best-in-class industrial real estate, located between Denver and Boulder in one of the area’s most supply-constrained markets. In addition to the quality of the assets, the portfolio drew interest for its strong credit tenancy, representing a mix of high-growth industries including aerospace, life sciences, manufacturing, e-commerce and third-party logistics,” said Jeremy Ballenger, executive vice president, CBRE.
CTC offers the type of modern industrial space that is sought after by major companies and increasingly expensive to build. Additionally, its proximity to Denver and Boulder means companies have access to two highly educated labor pools. These factors, combined with the historic run-up that metro Denver’s industrial market has experienced in recent years, made the properties an attractive asset for buyers.
“This deal is further validation of our years of tireless work to set new standards and capitalize on the unique opportunities in the market to deliver not only a great product, but also attract companies that have become invaluable members of the Etkin Johnson family here in Colorado,” said David Johnson, president of Etkin Johnson.
The CTC portfolio includes:
- 321 S. Taylor Avenue, Louisville, CO 80027
- 1480 Arthur Avenue, Louisville, CO 80027
- 346 S. Arthur Avenue, Louisville, CO 80027
- 195 CTC Boulevard, Louisville, CO 80027
- 1775 Cherry Street, Louisville, CO 80027
- 1795 Dogwood Street, Louisville, CO 80027
- 1886 Prairie Way, Louisville, CO 80027
- 1900 Cherry Street, Louisville, CO 80027
- 1900 Taylor Avenue, Louisville, CO 80027
- 1960 Cherry Street, Louisville, CO 80027
- 2000 Taylor Avenue, Louisville, CO 80027
- 633 CTC Boulevard, Louisville, CO 80027
- 2035 Taylor Avenue, Louisville, CO 80027
- 600 Tech Court, Louisville, CO 80027
- 700 Tech Court, Louisville, CO 80027
- 725 Tech Court, Louisville, CO 80027
Etkin and Johnson set out in 1989 to create a company that took care of employees, tenants and Colorado communities while capitalizing on the market. Over the decades, they assembled a portfolio of industrial assets that attracted high-profile companies and continually raised the bar for how the asset class should be treated in Colorado to maximize potential through both bull and bear markets.
As the company grew, it branched out into other property types, including multifamily, flex and hospitality, and gained a reputation for quality development and property management up and down Colorado’s Front Range. By the close of operations, the company will have sold nearly $900 million in real estate assets here in Colorado – a testament to the founders’ vision of building high-performing portfolios that would serve as the backbone for Colorado businesses.
While the company will cease a majority of its operations related to leasing and management, it will retain ownership of its newest project, FalconView in Colorado Springs. Etkin and Johnson will become true investors in this project and will actively seek additional opportunities to invest in others’ projects in the market going forward.
For more information about Etkin Johnson’s legacy, visit etkinjohnson.com.
About Etkin Johnson
Since the company’s founding in 1989, Etkin Johnson Real Estate Partners has built an extensive real estate portfolio of income-producing properties with favorable appreciation potential. In total, we have developed and acquired more than 90 high-quality properties across Colorado’s Front Range, totaling over 9.8 million square feet. Our current portfolio includes office and industrial properties totaling nearly 1 million square feet, along with multifamily holdings. For more information, please visit etkinjohnson.com.
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