Broadway Business Center, one of 19-properties in the Colorado Industrial Portfolio, sold by Etkin Johnson to Berkeley Partners.
DENVER—Locally-based Etkin Johnson Real Estate Partners has sold a 1.95-million-square-foot industrial portfolio in Colorado for $247.5 million to Berkeley Partners, which is headquartered in San Francisco.
The deal marks Berkeley Partners' first acquisition in the Colorado market. Berkeley Partners' industrial platform currently has assets under management totaling more than $625 million.
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% leased at the time of the sale. Jim Bolt, Jeremy Ballenger, Tyler Carner and Mike Winn of CBRE represented Etkin Johnson in the transaction.
“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. He later added, “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.”
The portfolio includes properties in Denver, Boulder, Colorado Springs, Aurora, Westminster, Thornton, Wheat Ridge, Arvada, Golden, Lakewood, Englewood and Centennial.
“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.”
In June of last year, Berkeley Partners made headlines with its sale of an 11-property industrial portfolio in the Dallas-Fort Worth and Atlanta MSAS to a partnership led by Circle Industrial with the FREO Group in a deal reportedly valued at approximately $99.4 million.
Since 1989, Etkin Johnson Real Estate Partners has developed and acquired nearly 90 high-quality properties across Colorado's Front Range, totaling more than 7.5 million square feet. Currently, its portfolio comprises office/flex, industrial, hospitality and multifamily holdings, totaling more than 3 million square feet of space.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
