Etkin Johnson Real Estate Partners, a full-service, privately owned commercial real estate investment and development company based in Colorado, sold its 1.95 million-square-foot Colorado Industrial Portfolio to Berkeley Partners for $247.5 million. The sale marks Berkeley Partners’ first acquisition in the Colorado market. 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. “Since then, we’ve remained committed to superior management and maintenance, providing exceptional workplaces for our tenants while maximizing stakeholder value. 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.”
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 percent leased at the time of the sale.
“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.”