Etkin Johnson Sells Technology Park for $393M
- Apr 22, 2021
Etkin Johnson Real Estate Partners has sold a 16-building industrial portfolio of nearly 1.7 million square feet in a $392.9 million transaction. The properties, all located within the Colorado Technology Center of Louisville, Colo., sold to an undisclosed institutional investor. CBRE represented the seller in the deal.
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The transaction is the largest industrial deal to close in Colorado history by dollar volume, according to a statement from Etkin Johnson. CommercialEdge data shows that, even at the national level, transfers of such large portfolios are rare. They are becoming more common, however, as the asset class continues to draw investor interest. Earlier this month, Clarion Partners paid $336 million for a 2.4 million-square-foot Las Vegas industrial park.
Colorado Technology Center is a 580-acre, master-planned park midway between Denver and Boulder. The buildings, constructed between 1998 and 2020, are home to a wide mix of tenants from a range of industries including life sciences, third-party logistics, aerospace and e-commerce. The largest property in the portfolio, the 153,018-square-foot structure at 633 CTC Blvd., has 24-foot clear heights, 100-foot truck courts and more than 20 dock-high loading doors.
The CBRE team was led by Jeremy Ballenger, Tyler Carner, Jim Bolt, Tim Richey and Jessica Ostermick. Four of the five brokers were involved in another Denver-area deal in February, when EverWest Real Estate Investors paid $66.5 million for a two-building portfolio in Aurora, Colo.