DENVER — Etkin Johnson Real Estate Partners, a Denver-based investment and development firm, has sold its portfolio of industrial assets in Colorado to San Francisco-based Berkeley Partners for $247.5 million. The deal represents the largest industrial portfolio sale ever closed in Colorado.
The portfolio, which was 93 percent leased at the time of sale, comprises 19 properties totaling approximately 1.95 million square feet of industrial space. The facilities range in size from 26,078 to 293,510 square feet.
Etkin Johnson acquired the properties between 1990 and 1998. All 19 assets are located in cities within Colorado’s Front Range, including Denver, Boulder, Colorado Springs, Aurora and Golden.
“This was a very well-constructed portfolio of infill industrial,” says Matt Novak, partner at Berkeley Partners, which has more than $625 million in assets under management. “The Denver metro has been experiencing rapid growth, and this acquisition provides us a critical mass of properties in the market. Our goal is to hold these assets for 10- to 20-plus years, benefiting from the favorable long-term industrial supply-demand fundamentals.”
Jim Bolt, Jeremy Ballenger, Tyler Carner and Mike Winn of CBRE represented Etkin Johnson in the transaction, which marks Berkeley Partners’ first acquisition in Colorado.
— Taylor Williams