As Seen In Mile High CRE – December 29, 2016
Etkin Johnson Real Estate Partners, a leading full-service, Colorado-based developer, announced today it has sold Southpark Business Center, located at 8000 Southpark Way in Littleton, Colorado, to a private buyer with experience in the self-storage business for $18.225 million.
Etkin Johnson acquired the property in 2013 from Lockheed Martin Corporation for $4.55 million, and made significant capital improvements, which included transforming the larger building into a state-of-the-art self-storage facility, as well as upgrading the landscaping and exterior of the buildings to attract tenants.
The property, which consists of one 112,279 SF building, one 33,238 SF building and an eight-acre fenced lot, is fully leased. The large storage facility has 772 climate-controlled units that are used by area residents and businesses alike. The smaller building is leased by Lockheed Martin’s Autonomous Systems division for research and development. The lot is leased to JFR & Associates Inc., which helps people buy new and used cars.
“The most unique aspect of this property is its three distinct components,” said Derek Conn, director of finance at Etkin Johnson. “We thought critically and thoroughly about how to maximize value from each building and lot on the site. Most properties don’t have this type of diversity, and we needed to find a buyer who appreciated that.”
Brokers Charles “Chico” LeClaire and Adam Schlosser at Marcus & Millichap worked with Etkin Johnson to find a buyer.
“Chico and Adam are preeminent storage brokers both locally and nationally,” said Conn. “They made the process smooth and efficient for all parties involved and found a buyer who sees the value in Southpark Business Center’s easy access to Mineral Avenue and C-470 and generous parking.”