DENVER, Jan. 28, 2019 /PRNewswire/ -- 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."
Properties in the portfolio are located in multiple cities along Colorado's Front Range, including Denver, Boulder, Colorado Springs, Aurora, Westminster, Thornton, Wheat Ridge, Arvada, Golden, Lakewood, Englewood and Centennial. For a complete list of properties, visit etkinjohnson.com/CIP.
"This sale represented a unique opportunity to own a critical mass of infill industrial in Colorado's growing Front Range markets," said Jeremy Ballenger, Senior Vice President with CBRE. "The attractive tenant mix and well-maintained properties affords Berkeley a great path forward as one of the largest industrial owners in Colorado."
For more information about Etkin Johnson's 30-year history and current holdings, visit etkinjohnson.com.
About Etkin Johnson
Since the company's founding in 1989, Etkin Johnson Real Estate Partners has built an extensive real estate portfolio of income-producing properties with favorable appreciation potential. In total, we have developed and acquired nearly 90 high-quality properties across Colorado's Front Range, totaling over 7.5 million square feet. Currently, our portfolio comprises office/flex, industrial, hospitality and multifamily holdings, totaling more than 3 million square feet. For more information, please visit etkinjohnson.com.
About Berkeley Partners
Founded in 2005, Berkeley Partners has formed a series of funds focused on the light industrial sector. Berkeley Partners includes a seasoned team of professionals with diversified experience in fund management, real estate investment, and property and leasing management. The company and its affiliated entities make-up a vertically integrated real estate operating company, which has demonstrated an ability to manage investments, operations and dispositions through market cycles. Berkeley Partners' industrial platform currently has assets under management totaling over $625 million, including value-add and core-plus strategies. The company's investors include large pension plans, insurance companies, endowments, foundations and family offices.
SOURCE Etkin Johnson Real Estate Partners