As Seen In The Colorado Real Estate Journal – June 1-14, 2016

Etkin Johnson has completed its repositioning of Southpark Business Center in Littleton.

Etkin Johnson Real Estate Partners got creative in leasing up a large office/flex property in Littleton.

Southpark Business Center, which was vacant when Etkin Johnson purchased it in 2013, now is fully occupied – by a credit tenant, a self-storage facility and an auto consulting group.

Located at 8000 Southpark Way, the property consists of two single-story buildings of 112,279 and 33,238 square feet, and a large, fenced lot. Etkin Johnson bought the business center from Lockheed Martin Corp. for $31.50 per sf.

It transformed the larger building into a state-of-the-art self-storage facility managed by Extra Space Storage. The property consists of 772 climate-controlled units that provide customers with first-floor access. There also is a loading dock for easy loading and unloading.

“The self-storage conversion at Southpark Business Center is a great use for the property,” said Etkin Johnson President David Johnson. “The location is convenient not only for Littleton residents and businesses but also for the broader Denver area, with quick access from U.S. 85 and highway 470. We look forward to meeting the storage needs of the surrounding community with this state-of-the-art facility.”

Lockheed Martin, which used to occupy Southpark Business Center, signed a lease for the smaller building. Major tenant improvements are underway, and the company is scheduled to move in in July.

“We are thrilled to have Lockheed Martin back at Southpark Business Center,” said Ryan Good, Etkin Johnson executive vice president and partner. “The company’s familiarity with the property gave all parties the assurance that the building, in terms of size, location and infrastructure, would certainly be a great fit for them.”

Lockheed Martin’s Autonomous Systems division will use the building for research and development.

Good negotiated the lease with Duncan Heitman of JLL, who represented Lockheed Martin.

The final piece of the puzzle was leasing a portion of Southpark Business Center’s large upper parking lot to JFR & Associates Inc., which helps people buy new and used cars. The company will have 350 parking spaces in the fenced lot.

“We were excited to put the deal together with JFR & Associates,” said Good. “It was the last piece of the puzzle that has turned Southpark Business Center into an income-producing asset.”

Good said all three users will capitalize on what attracted Etkin Johnson to the asset in the first place: convenient access to major thoroughfares, flexible floor plates suitable for a variety of uses and ample parking.

“Those features proved to create a tremendous amount of value and ultimately led to a successful repositioning of the asset,” said Good.