Etkin Johnson Real Estate Partners is finalizing its conceptual plans for 76.8 acres of land it recently acquired at InterQuest, a high-tech business park fronting Interstate 25 in northern Colorado Springs.
The commercial real estate developer, manager and investor paid $4.35 million for the land, situated at the southeast corner of I-25 and Interquest Parkway, where it is planning The Gateway at InterQuest.
The Gateway at InterQuest will include a mix of apartments, office, neighborhood retail and hotels. “In our opinion, it is the best remaining bulk site in the market,” said Derek Conn, director of finance at Etkin Johnson Real Estate Partners, noting that with all of the growth in northern Colorado Springs, it was an opportunity to acquire “a great piece of real estate.” “This is a particularly exciting opportunity to acquire bulk land with freeway frontage in a local market we’re already active in and familiar with,” said Conn. “Etkin Johnson is an ideal developer for this land, both in terms of their local efforts and the momentum it will bring to the northern submarket,” added Michael Payne Palmer of Quantum Commercial Group Inc., who represented Etkin Johnson in the acquisition and is marketing The Gateway at InterQuest. Etkin Johnson looks to kick off The Gateway at InterQuest with the development of multifamily product, work that should commence in the next 12 to 18 months. While project specifics are still being finalized, the company does plan to offer smaller pad sites for sale or build to suit.
Etkin Johnson is an ideal developer for this land, both in terms of their local efforts and the momentum it will bring to the northern submarket.”
The Gateway at InterQuest site also is adjacent to office buildings, hotels, entertainment and retail at InterQuest Marketplace, where Great Wolf Resorts is transforming the center’s unfinished Renaissance Hotel into a family style resort with a water park that will open this fall.
“They (Etkin Johnson) have an existing presence in Colorado Springs and a proven track record of successfully developing mixed-use environments that attract residents, high-tech companies and quality tenants,” added Palmer. In addition to the land, Etkin Johnson also owns and manages three office/flex properties in Colorado Springs, all of which are 100 percent occupied. “This acquisition provides us the opportunity to utilize all of our core competencies as a longtime, local investor in a market where substantial value can be created,” said Conn. “Our development plans will draw on the strengths of our more-than-25-year history in Colorado and will focus on creating a vibrant community in this fast-growing area.
“There is so much positive activity in this area, we’re excited to be a part of it,” he added. Corporate Office Properties Trust sold the land. It was represented in the sale by Jim Capecelatro of Cushman & Wakefield.
