For over 25 years, Etkin Johnson Real Estate Partners has taken a leading role in the acquisition and development of property throughout Colorado's Front Range, earning the company its current status as the premier commercial real estate company in the greater Denver area. Dedicated to innovating while maintaining a fiscally sound base, Etkin Johnson is committed to providing clients with the highest levels of service.

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CTC

Etkin Johnson Secures $75M Refi Loan for CO Portfolio

As Seen In Commercial Property Executive, March 5, 2018

HFF arranged the 10-year, sub-4 percent fixed-rate loan with MetLife to refinance five properties in the Colorado Technology Center.

Aerial of Colorado Technology Center

Etkin Johnson Real Estate Partners has closed on a $75 million refinancing loan for its Colorado Technology Center portfolio. HFF arranged the 10-year, sub-4 percent fixed-rate loan with MetLife.

The portfolio comprises five properties totaling 535,787 square feet in the Colorado Technology Center. The buildings are located at 1900 Cherry St., 1960 Cherry St., 2000 Taylor Ave., 1900 Taylor Ave. and 633 CTC Blvd. A sixth 109,386-square-foot built-to-suit project, located at 2035 Taylor Ave., will be added to the loan once construction is complete in fall 2018.

“Through this financing, we are able to return a significant portion of investors’ capital earlier than expected,” said Derek Conn, executive vice president & partner at Etkin Johnson, in prepared remarks. “It is a testament to our strategic development approach in the Colorado Technology Center as well as our commitment to the marketplace long-term.”

HFF Senior Managing Director Eric Tupler and Director Brock Yaff, led the financing arrangement. Last September, Etkin Johnson’s leasing team led by Executive Vice President & Partner Ryan Good leased up the company’s 633 CTC Boulevard property, with the signing of three long-term tenants that fully occupy the new building.

Industrial space can support evolving retailer needs

As Seen In The Colorado Real Estate Journal’s February issue of Retail Properties Quarterly.

An emerging trend is the growing reliance on the industrial market for manufacturing, storage and distribution solutions as companies employ more e-commerce strategies.

The retail industry is evolving, and while the growth of e-commerce has not made traditional retail obsolete, as once predicted, it has forced the entire industry to adapt to changing consumer behaviors and meet a new set of expectations.

With almost any product available for online purchase, consumers are less likely to drive to a store, park, walk in, make a selection, stand in line, pay and then drive home, unless there’s a compelling reason. As a result, retailers are introducing new solutions that offer customers both the ease of online shopping as well as memorable in-store experiences that reinforce their brands.

This evolution also means that retailers in Colorado and across the country are thinking differently about their real estate needs. One emerging trend is the growing reliance on the industrial market for manufacturing, storage and distribution solutions as companies employ more e-commerce strategies.

Future demand for industrial space. Regardless of how companies are choosing to adapt to changing consumer demands, the industrial market is starting to play a major support role in the retail revolution and will continue to do so in the coming years.

E-commerce users typically require up to three times more industrial space than a traditional retail supply chain user, according to CBRE’s 2018 U.S. Real Estate Market Outlook. The report goes on to predict that with e-commerce sales forecast to grow by 10 percent annually and to top $500 billion by 2020, demand for high-quality, well-located industrial real estate will remain steady.

Last year alone, the Denver metro area delivered 5.4 million square feet of new industrial space – the highest since 2001 – according to CBRE. Looking at 2018 and beyond, Denver’s strong industrial and logistics market is well positioned to continue providing the type of proximity to consumers and accessibility to major transportation arteries that the retail industry needs.

Deliveries of industrial space in the Denver market, compared with population growth for the area. Courtesy CBRE

How industrial space can be used. Advances in e-commerce have created a new kind of retail experience that allows consumers to get what they want, when they want it. Consider the evolution of Amazon, for example.

In 2005, Amazon introduced Amazon Prime, which offers free two-day shipping on most products. More recently, the company introduced Prime Now, which guarantees free two-hour delivery in select cities, including Denver. This type of on-demand consumerism has created a feeding frenzy and, to keep up with demand, Amazon has constructed dozens of fulfillment centers across the country to store thousands of products that are ready for shipment at a moment’s notice.

Amazon aside, smaller operations also are driving demand for industrial space. As companies continue to grow in Colorado, many are finding success through e-commerce retail strategies that require more space for their operations.

For example, Fenix Outdoor Imports (the parent company behind popular outdoor brands including Fjällräven) nearly doubled the number of its Colorado employees a couple of years ago, necessitating a move into a larger industrial/flex space in the Colorado Technology Center that could accommodate immediate and future growth. The warehouse houses manufacturing, distribution and office functions, as well as a showroom that doubles as a retail staging area.

Similarly, WishGarden Herbs – Colorado’s herbal remedies expert – relocated to the Colorado Technology Center from Boulder in 2014 to expand its manufacturing and distribution operations due to increased consumer demand across the country. This woman-owned, family run company has grown from a small startup to a nationally recognized company by employing both traditional and e-commerce retail strategies.

Other retailers are pioneering solutions that incorporate e-commerce strategies into new concepts that most likely will require more industrial space in the future. For example, the recently introduced 3,000-sf Nordstrom Local keeps limited inventory on site with the opportunity to purchase selections online. With off-site storage nearby, customers can expect same-day delivery of their products to the store or their homes. It is yet to be seen how this type of model will affect the demand for new industrial space, but it is certainly a trend to watch.

As retail continues to evolve in Colorado and throughout the country, companies will continue to figure out new and innovative solutions to meet the changing demands. And while this evolution might take many different forms, it’s becoming increasingly clear that retail will rely heavily on the flexibility and functionality of the industrial market moving forward.

Denver’s Etkin Johnson to build 3-building industrial campus in Louisville

As Seen In The Denver Business Journal – October 5, 2017

The lease-up of 633 CTC Boulevard triggered the development of a 400,000-square-foot industrial campus in Louisville’s Colorado Technology Center.

Denver-based Etkin Johnson Real Estate Partners will break ground on a 400,000-square-foot, three-building industrial campus in Louisville following the lease-up of another of its industrial projects.

Both projects are located in Louisville’s Colorado Technology Center, located roughly near the intersection of Northwest Parkway and 104th Street.

“Now that 633 CTC Boulevard is fully leased, we’re starting construction on a brand new spec campus in the Colorado Technology Center with state-of-the-art technology and amenities,” said Ryan Good, executive vice president and partner at Etkin Johnson.

The 400,000-square-foot Louisville Corporate Campus at CTC will be built on a 33-acre parcel purchased by Etkin Johnson earlier this year.

Louisville Corporate Campus’s construction was triggered by the the lease-up of 633 CTC Boulevard, a 153,018-square-foot project that wrapped up construction last month. The leases bring that building to full occupancy.

The Keystone Group, which specializes in LED safety flares, work lights and sun shades, will move into its 52,336 square feet in January, while Molecular Products, which designs and manufactures safety equipment for working with breathable gases will move into 63,030 square feet in April after completing tenant finish.

Wild Goose Canning, which serves the craft beer, wine and spirits industries, as well as coffee and juice makers, will move into 37,652 square feet in January.

Etkin Johnson Acquires 33 Acres Adjacent to Colorado Tech Center

As Seen In Mile High CRE – March 22, 2017

Etkin Johnson Real Estate Partners, a full-service, privately owned commercial real estate investment and development company based in Colorado, has acquired a 33.12-acre parcel adjacent to the Colorado Technology Center (CTC) in Louisville, Colorado.

“We’ve been active in CTC for more than 20 years, and have grown our portfolio there to nearly 1.2 million square feet,” said Derek Conn, executive vice president and partner at Etkin Johnson. “This parcel provides another strategic site that offers maximum visibility, flexibility and convenience for tenants looking to attract top talent from all the markets along the Northwest Corridor.”

Coloardo Tech Center Aquisition Etkin Johnson Real EstateThe 33.12-acre parcel, purchased from the estate of Richard Hoyle, will be annexed into CTC, adding to Etkin Johnson’s portfolio in the business park. The company currently owns nearly 5 million square feet total in Colorado.

The acquired land has historically been used as a tree farm, but was rezoned for commercial use prior to the sale. The site is one of the last remaining pieces of land in or around CTC that can accommodate 24-foot clear flex buildings, a staple feature of Etkin Johnson’s buildings. Etkin Johnson plans to break ground on the first building of a proposed three-building, 400,000-square-foot office/industrial/flex campus – dubbed the Louisville Corporate Campus at CTC – in the fourth quarter of 2017.

“A traffic signal will also be installed at the entrance to the park along Dillon Road,” added Conn. “It’s one more perk that should prove advantageous when leasing the to-be-built buildings.”
Like other Etkin Johnson properties in the area, the proposed Louisville Corporate Campus at CTC will include outdoor workspaces, highly integrated technology, roll-up glass garage doors that create open-air workspaces, and environmentally responsible amenities including:

  • Energy efficient HVAC system
  • Solar control Low-E glass
  • Strategically placed skylights
  • GenFlex cool roof system
  • Free electric vehicle charging stations
  • Exterior LED building and parking lot lighting

Etkin Johnson acquires 33 acres adjacent to CTC, plans 3-building project

As Seen In BizWest – March 21, 2017

Etkin Johnson Colorado Tech Center land acquisition

This site plans shows the layout for Etkin Johnson Real Estate Partners’ proposed three-building, 400,000-square-foot office/industrial/flex campus – dubbed the Louisville Corporate Campus at CTC — in Louisville. Courtesy Etkin Johnson.

Denver-based Etkin Johnson Real Estate Partners has acquired 33 acres of land adjacent to the Colorado Technology Center in Louisville. The privately owned commercial real estate investment and development company plans to break ground on the first building of a proposed three-building, 400,000-square-foot office/industrial/flex campus — dubbed the Louisville Corporate Campus at CTC — in the fourth quarter of 2017.

Etkin Johnson purchased the land north of Dillon Road near the CTC from the estate of Richard Hoyle. The purchase price was not disclosed, and the transaction has not yet been processed in public records.

The land, historically used as a tree farm, will be annexed into the tech center, where Etkin Johnson owns nearly 1.2 million square feet of space. The company owns nearly 5 million square feet total in Colorado.

The land was rezoned for commercial use prior to the sale.

The site is one of the last remaining pieces of land in or around CTC that can accommodate 24-foot clear flex buildings, a staple feature of Etkin Johnson’s buildings.

“We’ve been active in CTC for more than 20 years,” said Derek Conn, executive vice president and partner at Etkin Johnson. “This parcel provides another strategic site that offers maximum visibility, flexibility and convenience for tenants looking to attract top talent from all the markets along the Northwest Corridor.”

“A traffic signal will also be installed at the entrance to the park along Dillon Road,” Conn added. “It’s one more perk that should prove advantageous when leasing the to-be-built buildings.”

Like other Etkin Johnson properties in the area, the proposed Louisville Corporate Campus at CTC will include outdoor workspaces, integrated technology, roll-up glass garage doors that create open-air workspaces, and environmentally responsible amenities.

Sierra Nevada expands Louisville space, plans 400 new hires

As Seen In BizWest – February 3, 2017

Aerospace firm Sierra Nevada Corp. has leased 101,000 square feet of additional industrial space at the Colorado Technology Center in Louisville and intends to add 400 workers at the tech center in  the next 18 months.

Sierra is leasing 2000 Taylor Ave. from Denver-based Etkin Johnson Real Estate Partners, which constructed the building in 2016 on speculation. Sierra also occupies two other buildings in the city.

Sparks, Nev.-based Sierra Nevada Corp.’s Space Systems business in Louisville designs and manufactures advanced spacecraft, rocket motors and spacecraft subsystems and components for the U.S. government, commercial customers and the international market.

The company employs 443 of its companywide 3,430 employees in Louisville, and plans to add more during the next 18 months, said company spokeswoman Kimberly Schwandt.

Sierra Nevada employs 247 people at 315 CTC Blvd., and 196 workers at 1722 Boxelder St., in the tech center.

“We don’t have exact numbers for Taylor, yet,” Schwandt said. “But SNC Space Systems is looking to recruit possibly 400 people over the next 1.5 years in Louisville.

“Sierra Nevada Corp. is excited to be a growing team doing innovative and important work, especially with the upcoming Dream Chaser CRS2 mission with NASA. We are adding staff and workspace to accommodate our expanding company.”

The new building at 2000 Taylor has an energy-efficient HVAC system, skylights, electric-vehicle charging stations as well as exterior LED building and parking lot lighting. Its solar control Low-E glass and a GenFlex cool roof system reflect heat away from the building to reduce energy consumption and cut utility costs.

Finding a tenant for 2000 Taylor has encouraged Etkin Johnson to construct another spec building, its fifth in the CTC, at 633 CTC Blvd., a 153,018-square-foot energy-efficient building that will be available in summer 2017.

The project sits on a 12.2-acre parcel purchased by Etkin Johnson in 2015 from Hill Properties for $1.975 million, or $3.72 per square foot. The building will have similar environmentally friendly features as the 2000 Taylor Ave. building, and also include 24-foot clear ceilings, 23 dock-high doors, five drive-in loading doors and fire-fighting sprinklers. Sun-shelters and picnic tables will be installed to allow tenants to access the area’s natural setting.

Etkin Johnson owns more than 1 million square feet of office/flex/industrial space, plus more than 30 acres of land improved for build out in the CTC.

Accurence to return to CTC with 17,940-sf build-to-suit

As Seen In The Colorado Real Estate Journal – May 4-17, 2016

Accurence will occupy a build-to-suit at the Colorado Tech Center that’s scheduled to be completed in February 2017.

A software company founded in the Colorado Technology Center in Louisville will move to its own facility there next year.

Etkin Johnson Real Estate Partners will develop a 17,940-square-foot build-to-suit for Accurence, which develops inspection software for homeowner insurance claims. The building will be located on 2.38 acres at 305 S. Arthur Ave.

“We are very pleased to be developing a build-to-suit facility for this growing company,” said Ryan Good, Etkin Johnson executive vice president and partner. “We’re excited for the opportunity to deliver Accurence a modern building that meets their specific needs and seamlessly reflects their culture and brand.”

Accurence, which currently occupies space at CirclePoint Corporate Center in Westminster, will relocate when the building is completed in mid-February 2017.

“This project is a significant step for Accurence and comes at a time when the company is seeing its fastest growth,” said Accurence President Jake Labrie.

Accurence develops and maintains mobile and desktop roofing software applications for insurance carriers and roofing contractors nationwide. The new facility will serve as its sole operations center, housing 59 employees with room for growth the company anticipates in coming years.

“The new facility will have a great impact on the team and company. There is already excitement internally, and being able to define the space and incorporate company cultural elements is a great opportunity. We think this will help us attract great talent – a priority for any software company in today’s market,” Labrie said.

The building will contain an open office area, modern presentation conference room, private huddle rooms and approximately 1,500 sf of warehouse space. There will be a spacious kitchen with two glass roll-up doors that will open to one of the office’s two outdoor patios, capitalizing on views of the Flatirons.

“Accurence was founded in the Colorado Technology Center. Moving back after six years to build a facility in the business park just seems right,” said Labrie. “The early team really enjoyed the Coal Creek Trail, Old Town Louisville, Lafayette and the mountain views. The growth in the park and surrounding areas have only made the location better.”

Dean Callan & Co. Senior Associate Hunter Barto represented Accurence in the transaction.

“The high-quality, single-story flex product that Etkin Johnson had been delivering to the CTC was very appealing to Accurence,” said Barto. “This particular site was a perfect fit in terms of what it could accommodate. This will really be a signature building and a great way to mark Accurence’s return to the CTC.”

Elizabeth Cox, Etkin Johnson construction manager, is overseeing construction of the building. Ware Malcomb is the architect.

 

Etkin Johnson to build facility for software company in Louisville

As Seen In The Denver Business Journal – April 26, 2016

Etkin Johnson will build a new facility for software company Accurence at the Colorado Technology Center.

Etkin Johnson Real Estate Partners will build a 17,940-square-foot flex industrial building for Accurence, a software company that specializes in homeowner insurance claims inspection.

The facility will be built on 2.4 acres at 305 S. Arthur Ave. in the Colorado Technology Center in Louisville.

“We are very pleased to be developing a build-to-suit facility for this growing company,” said Ryan Good, executive vice president and partner at Etkin Johnson. “We’re excited for the opportunity to deliver Accurence a modern building that meets their specific needs and seamlessly reflects their culture and brand.”

Accurence is currently based in Westminster and develops desktop roofing software applications for insurance carriers and roofing contractors across the country. The new facility will house 59 employees and includes room for future growth.

“This project is a significant step for Accurence and comes at a time when the company is seeing its fastest growth,” said Jake Labrie, president of Accurence. “The new facility will have a great impact on the team and the company. We think this will help us attract great talent – a priority for any software company in today’s market.”

The new facility will contain office space and about 1,500 square feet of warehouse space. Accurence will relocate its operations from Westminster following the completion of the new building in February 2017.

Colorado Technology Center is a master-planned business park encompassing 580 acres. Etkin Johnson owns and manages a 900,000-square-foot portfolio there, with another 120,581 under construction at 2000 Taylor Ave.

Ware Malcomb is serving as project architect.

 

The Cities on the Sunny Side of the American Economy

As Seen In The New York Times – March 31, 2016

DENVER – When the aerospace company Sierra Nevada Corporation moved into the Colorado Technology Center about eight years ago, employees on their lunch break could stroll by the alpaca farm next door.

Now the animals are gone, and the land is cleared and ready for the new development surging along the Denver-to-Boulder corridor.

At campaign rallies throughout the South and Midwest, economic frustration and sluggish wage growth are dominant themes. States like Alaska and Oklahoma, faced with low oil prices, are grappling with bankruptcies and layoffs. And overall growth in the United States economy remains disappointing.

But this thriving industrial park is just one sign of the many metropolises and smaller cities across the nation that have not only regained their footing since the recession, but are on the upswing. Here in the Mountain West – but also in places as varied as Seattle and Portland, Ore., in the Northwest, and Atlanta and Orlando, Fla., in the Southeast – employers are hiring at a steady clip, housing prices are up and consumers are spending more freely.

“It’s pretty clear that some metropolitan areas are doing really well,” said Andrew McAfee, an economist at the Massachusetts Institute of Technology. “The ingredients to that formula seem to be some combination of great research universities and knowledge-intensive industries, whether it’s high tech on the West Coast, biotechnology here in the East or clusters of technology and robotics in places like Pittsburgh.”

The Denver metropolitan area has become a showcase of the sunnier side of the American economy. While the region has some inherent advantages, like a spectacular landscape that beguiles outdoor enthusiasts, Colorado had long been held back by a dependence on natural resources as its economic base.

Its transformation into one of the most dynamic economies in the country was led by local business leaders and government officials, who took advantage of existing assets while also raising taxes at times to invest in critical transportation links, development-friendly policies and a network of colleges and universities.

“It’s the outcome of really about 30 years of diversifying our economy” away from fossil-fuel industries and military contractors, said Tom Clark, chief executive of the Metro Denver Economic Development Corporation. “In the 1980s, we were Coors, carbon and the Cold War.”

With a history of boom-and-bust commodity cycles, Colorado hit bottom in the mid-’80s, when energy prices collapsed. Nearly a third of the office space in downtown Denver, the state’s oil-and-gas headquarters, sat empty. Many of the city’s cultural institutions teetered, and a cloud of brown smog smeared the horizon.

Now the brilliant blue skyline is punctuated with red cranes, and Denver’s soundtrack includes the steady thrum of power drills operated by hard-hatted construction workers who are putting up office buildings and housing at a feverish pace.

Technology start-ups, including Ibotta, Craftsy, Home Advisor and Gnip (bought by Twitter in 2014), found a footing in Colorado. Financial services firms like Charles Schwab, TIAA and Fidelity Investments expanded their operations.

A raft of smaller aerospace and commercial satellite companies like Sierra Nevada, which just won a NASA contract to build the mini-space shuttle Dream Chaser, have elbowed in beside giants like Boeing and Lockheed Martin. Colorado led the country last year in new health care jobs.

Several measures helped things along. A new rail line that will connect the airport to the downtown and serve outlying industrial parks and a push to support cultural institutions “required people to vote to raise their taxes,” Mr. Clark of Metro Denver said. “This wasn’t something done by the elites.”

What Denver and its surrounding cities share with other boomtowns is an appealing environment for a skilled work force, which has increasingly meant the difference between prosperity and stagnation.

Such places have become business incubators and magnets for educated millennials. The lifestyles that 20- and 30-somethings often seek depend on a medley of urban living, public transit and lots of entertainment options (which in Colorado includes marijuana, legalized for recreational use since 2014).

“Opportunity is being driven by the digital economy,” said Zo Baird, president of the Markle foundation, which recently began a pilot program called Skillful in Colorado to match employers and workers based on skills, rather than simply degrees. “That is where the job growth and economic growth is coming from.”

According to the latest figures available, the Denver-Aurora-Lakewood region had an unemployment rate of 2.7 percent, the lowest of any metropolitan area with a population above one million. (The national average was 4.9 percent in February.)

A recent report by the Leeds School of Business, at the main Boulder campus of the University of Colorado, predicted that the state would gain more than 65,000 jobs in 2016, or about 2.5 percent above last year’s level.

“People used to come to Colorado just for the state. They liked the lifestyle and hoped they could scrape a living together,” said Fiona Arnold, executive director of the Colorado Office of Economic Development and International Trade. “Now employers are chasing them.”

Take Charles Schwab, which has its headquarters in San Francisco and is expanding in a handful of cities, including Phoenix, Orlando, Indianapolis and Austin, Tex. At its new campus in Lone Tree, outside Denver, hiring is enough of a main activity that a dedicated “talent acquisition suite” was installed off a lobby, a stylish space with gray suede couches, a kitchen and cozy private rooms where prospective employees can be comfortably courted.

This year, Schwab plans to add 1,360 people to its staff in Colorado.

Other businesses have taken advantage of opportunities for collaboration with universities and government laboratories.

Sierra Nevada’s plant, for example, features a thermal vacuum chamber that simulates the cold void of space and a pint-size mission control to track its commercial satellite launches.

But when it needed to recreate the intense vibration of a space launch, it trucked the Dream Chaser prototype to the earthquake simulator at the University of Colorado campus 20 minutes away.

Erik Mitisek, the state’s chief innovation officer, said the region’s economic diversity was building on itself. Many people don’t want to relocate for a single job opportunity, he said. They want to know they have other options.

“That was probably a hurdle before,” said Mr. Mitisek, a co-founder of Denver Startup Week, a sort of entrepreneurial Lollapalooza, in 2012. “But now there is a lot of depth in the market.”

Bryan Leach, a former lawyer who founded Ibotta (pronounced “I bought a”), a mobile shopping app, has seen that evolution firsthand. After starting his career in the District of Columbia, he tested several western states in the early 2000s. Arizona had too many rattlesnakes, he said half jokingly. Wyoming was too small. California was too expensive.

Then he and his wife visited Denver. They could manage to buy a new five-bedroom house and have the occasional dinner out without borrowing from their in-laws, he said. But at first he couldn’t find the right job.

No more. In Mr. Leach’s view, Denver has reached a “critical mass” of new business ventures. People who love Colorado’s lifestyle no longer “feel like they have to sacrifice the quality of career opportunities,” he said.

Mr. Leach’s own company has undergone extraordinary growth. In 2012 he ditched his lawyerly dark suits and now wears a tech entrepreneur’s uniform of orange sneakers and a purple shirt. He started Ibotta in the windowless basement of a fire station, paying $8 a square foot to house himself and one other employee.

In March, the company moved more than 200 full- and part-time employees into a new 40,000-square-foot office in Denver’s tallest tower.

The relative lack of racial and cultural diversity (the state is 87 percent white) can deter some people from relocating, Mr. Leach conceded, but he thinks that is changing with an increasingly cosmopolitan mix of people, arts, restaurants and shops. His own weekend ritual includes dim sum and rock climbing.

The dynamism reminds him of his youth in Atlanta in the 1980s and ’90s, when the Southern hub was growing at a phenomenal pace.

“Now I get to be part of the generation that is building the new economy,” he said.

Etkin Johnson buys land for another spec building in CTC

As Seen In BizWest – December 1, 2015

Etkin Johnson Real Estate Partners plans to break ground in the spring on a 152,992-square-foot building at 633 CTC Blvd. in the Colorado Tech Center.

LOUISVILLE – Just as Etkin Johnson Real Estate Partners broke ground on one large speculative industrial/flex building in Louisville’s Colorado Technology Center on Tuesday, the company also announced plans for its next.

Officials for Denver-based Etkin Johnson said they closed last week on the $1,975,000 purchase of 12.2 acres of land at the southwest corner of CTC Boulevard and Boxelder Street. There they plan to break ground next spring on a 152,992-square-foot office/flex/industrial building with an address of 633 CTC Blvd.

Etkin Johnson bought the land for the 633 CTC Blvd. building from California-based Hill Properties, a deal that included four adjacent parcels.

Construction has begun, meanwhile, on 2000 Taylor Ave., a 120,581-square-foot building with 24-foot clear ceilings and 16 loading docks. That building is expected to be completed by next summer.

Etkin Johnson officials said 2000 Taylor has seen interest from multiple natural and organic food companies. Etkin Johnson executive vice president Ryan Good said via telephone Tuesday that the goal would be to lease the building to a single tenant but that it could be broken up if necessary. Good declined to disclose the projected cost to construct the new buildings.

The last three spec buildings Etkin Johnson has built in the CTC within the last 12 to 18 months have all been leased to single tenants. Those included 1900 Cherry, a 66,350-square-foot building leased to Whitewave Foods; 1900 Taylor, a 136,000-square-foot-building leased to Fenix Outdoor; and 1960 Cherry, a 60,000-square-foot building leased to Packers Plus Energy Services.

“That would be our goal,” Good said.

Etkin Johnson’s CTC portfolio of industrial/flex space now includes nearly 1 million square feet that is 100 percent leased.

“Companies looking to expand in Boulder County continue to see CTC as their ideal location when considering space availability, lease rates and expansion capabilities,” Good said in a press release. “We’re confident both 2000 Taylor and 633 CTC will see significant interest and we are hopeful they will follow the same trend as our newest CTC spec buildings and lease up prior to full construction.”