For 30 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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More apartments ramping up for northern Colorado Springs

As Seen In The Gazette – March 1, 2017

As Colorado Springs’ apartment market remains red-hot, a Denver company that plans to build 288 northside units says it might nearly triple that number, depending on how well its initial project does.

Gateway at Interquest Apartments Colorado SpringsEtkin Johnson Real Estate Partners aims to start construction in the third quarter on an apartment complex that will be part of The Gateway at InterQuest, a nearly 77-acre development southeast of Interstate 25 and InterQuest Parkway. The company bought the land a year ago, with plans to develop it into a mixed-use project.

A concept plan recently submitted to the city’s Land Use Review Division by Etkin Johnson representatives shows an initial project would include 16, three-story buildings, each with 18 units or a total of 288 apartments. The project would be built on the southeast portion of the property.

The concept plan also suggests the company might develop a total of 864 units as part of The Gateway at InterQuest. However, Derek Conn, an Etkin Johnson executive vice president and partner, said Tuesday that future phases with additional apartments would depend on demand.

“We need to see how the market absorbs the initial phase, as well as the other construction that’s going on in the submarket, before we decide to pull the trigger on phase two and three,” Conn said.

The 288-unit complex is planned as a Class A project, which means a higher-end development with a clubhouse, fitness center, pool and other amenities. He couldn’t say what rents will go far, although they’ll be comparable to similar projects, Conn said. Apartments built after 2010 averaged nearly $1,320 a month in the third quarter of 2016, according to a Colorado Division of Housing report.

Overall, a strong demand for apartments has driven Springs-area rents to record highs for six consecutive quarters, while the local vacancy rate in the third quarter was at a nearly 16-year low, the Housing Division report shows. And even as hundreds of new apartments are being built or on the drawing board, they’re not keeping pace with renter demand, multi-family experts have said.

Etkin Johnson remains optimistic about growth in the InterQuest area, where at least three other mixed-use projects are in various stages of development, Conn said. Those projects – InterQuest Marketplace, InterQuest Commons and Victory Ridge – will include stores, restaurants, hotels and entertainment uses.

“We are very bullish on northern Colorado Springs and feel like there’s still some room to run and some growth in the marketplace,” Conn said.

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.

Sierra Nevada Space Systems leases Louisville warehouse

As Seen In The Denver Business Journal – February 2, 2017

Sierra Nevada Corp. Space Systems has leased 101,000 square feet at 2000 Taylor Ave. in Louisville’s Colorado Technology Center.

Sierra Nevada Corp. Space Systems has leased a 101,000-square-foot industrial building in Louisville’s Colorado Technology Park, developed by Denver-based Etkin Johnson Real Estate Partners.

Sierra Nevada Corp. Space Systems is based in Louisville and is busy building NASA’s Dream Chaser, a cargo-hauling spaceship.

The facility is located at 2000 Taylor Ave. and includes several energy-efficient elements such as skylights, exterior LED lighting and a cool roof system that reflects heat away from the building to reduce energy consumption and utility costs. It was completed in late 2016.

With 2000 Taylor Ave. leased, Etkin Johnson is now underway with a fifth building in the Colorado Technology Park, a 153,018-square-foot industrial building located at 633 CTC Boulevard. The company expects to finish the building this summer.

“This project marks the fifth spec space Etkin Johnson has developed in the CTC, and we continue to see significant growth potential in the area,” said Ryan Good executive vice president and partner of Etkin Johnson. “Located just off Highway 36 and the Northwest Parkway, companies are choosing this area for its convenience, active lifestyle and affordability relative to Denver and Boulder.”

Etkin Johnson owns more than 1 million square feet of office and industrial space in the Colorado Technology Center, plus more than 30 acres of land for future build-out.

 

Etkin Johnson reaps rewards with $18.23M Southpark sale

As Seen In The Colorado Real Estate Journal – January 18, 2017

Etkin Johnson turned a 112,179-square-foot office/flex building at Southpark Business Center into a climate-controlled self-storage facility managed by Extra Space Storage.

Etkin Johnson Real Estate Partners reaped the rewards of an asset repositioning with the $18.23 million sale of Southpark Business Center in Littleton.

The multifaceted property at 8000 Southpark Way sold to a private buyer identified in public records as Familia Eubank LLC and San Miguel LLC.

Etkin Johnson bought the property from Lockheed Martin for $4.55 million three years ago and made significant capital improvements to it. It leased a 33,238-square-foot office/flex building to Lockheed’s Autonomous Systems division, converted a 112,279-sf flex building into a state-of-the-art, 772-unit self-storage facility and leased an 8-acre fenced lot to auto sales consultant JFR & Associates.

“The most unique aspect of this property is its three distinct components,” said Derek Conn, Etkin Johnson director of finance. “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.”

The buyer is experienced in the self-storage business and saw upside in continuing lease up of the self-storage facility, according to Charles “Chico” LeClaire, who handled the transaction with Marcus & Millichap’s Adam Schlosser, Drew Isaac and Barry Higgins. The facility is managed by Extra Space Storage, which he called “the best third-party management company in our industry.”

Combined with the Lockheed Martin and JFR leases, the deal provided “steady income, cash flow and a diversified investment all in one,” LeClaire said.

“This was a great opportunity to round-trip an asset from acquisition through value-add redevelopment and ultimately to a sale that achieved great financial success for Etkin Johnson and its investors,” said Conn. “Chico and Adam are preeminent storage brokers both locally and nationally. 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.”

Etkin Johnson Sells Newly Renovated Southpark Business Center

As Seen In Mile High CRE – December 29, 2016

Self Storage

Shown above, Southpark Business Center located at 8000 Southpark Way in Littleton, Colorado.

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.”

 

Etkin Johnson Leases Lookout Business Center to FIRST RF Corporation

As Seen In Mile High CRE – December 20, 2016

Shown above, Lookout Business Center in Boulder, CO.

Etkin Johnson Real Estate Partners leased Lookout Business Center, located at 6150 Lookout Road in Boulder, Colorado, to a single tenant, FIRST RF Corporation. The move allows FIRST RF Corporation to consolidate its more than 100 employees from two separate facilities into one modern and centralized location.

Etkin Johnson acquired Lookout Business Center in April, made necessary improvements and then leased the space to FIRST RF, all within the same year. The 50,472-square-foot office/flex building was renovated to feature an open, flexible floor plan, new interior and exterior paint, glass overhead doors, exposed 16-foot ceilings and updated landscaping.

“Lookout Business Center is in a prime location near the Boulder core and will be a vital asset for FIRST RF as the company continues to grow,” said Ryan Good, executive vice president and partner at Etkin Johnson. “Etkin Johnson acquired the property earlier this year, recognizing its potential for maximum visibility, flexibility and convenience. After renovating the space to meet the demands of the next generation of commercial tenants, we’re confident the space will fit the needs of FIRST RF. We look forward to working with FIRST RF to further customize the space and make their vision a reality.”

FIRST RF is a women-owned advanced technologies company specializing in antennas and radio frequency systems.

Etkin Johnson acquired the property from Qualcomm, but the company actually previously owned and managed the property for 16 years before selling to Qualcomm in 2014. The latest acquisition included the main building, an adjacent parking lot at 5150 Lookout, a vacant 3.7-acre parcel at 6100 Spine Road (later sold to Boulder firm W.W. Reynolds Cos.) and a vacant 2.3-acre parcel at 6201 Spine Road (currently under contract for sale).

Denver developer breaks ground on Broomfield office project

As Seen In The Denver Business Journal – December 1, 2016

Etkin Johnson Real Estate Partners is developing a 173,380-square-foot office project in Broomfield.

Denver-based Etkin Johnson Real Estate Partners Wednesday broke ground on a $40 million speculative office project in Broomfield called Atria.

Atria will encompass 173,380 square feet on 15.46 acres at 13699 and 13601 Via Varra Road. Completion is expected in the first quarter of 2018.

The project includes two identical buildings at 86,690 square feet each with flexible floor plans, natural light and roll-up garage doors. The project was designed by Ware Malcomb Architects.

“Today’s office tenants have different needs and preferences in terms of what they expect from the workplace – from supporting different mobility options to providing amenities that foster employee well-being,” said Ryan Good, executive vice president and partner at Etkin Johnson.

Etkin Johnson has been busy in recent years, building a number of industrial buildings in the Colorado Technology Center in Louisville and planning a three-phase mixed-use development on 77 acres in Colorado Springs.

DePaul buys prime small-bay industrial bldgs. for $5.15M

As Seen In The Colorado Real Estate Journal – November 2, 2016

Stapleton Square occupies a “bulls-eye” location in Denver, said CBRE’s Jeremy Ballenger.

A small-bay industrial asset in a prime location sold for the full asking price in a deal that drew multiple offers.

Stapleton Square, a two-building project that Etkin Johnson Real Estate Partners had owned for many years, traded to DePaul Real Estate Advisors for $5.15 million, or $78.47 per square foot. The Class A buildings, comprising 65,628 sf, are located at Interstate 70 and Havana Street in Denver.

“Havana and I-70 has always been kind of a bulls-eye location in the northeast submarket, but with the development of Enterprise Business Center over the last several years, this is adjacent to some of the best product in the market,” said Jeremy Ballenger, CBRE vice president.

Stapleton Square, located at 10515 and 10525 E. 40th Ave., was 100 percent leased to 16 tenants.

“The draw to investors was twofold. There were in-place leases about 15 percent below market, and the building had average occupancy of over 96 percent over the past three years,” said Ballenger. Also, “Small-bay product like this is so expensive to build right now that existing assets in this size are especially attractive to private buyers,” he said.

The opportunity to buy that product type well below replacement cost – in a location with “great access” on and off I-70 – was very appealing, concurred DePaul President Paul DeCrescentis.

“We think there’s upside in the market rents over existing rents,” he said. Etkin Johnson Real Estate Partners took “very good” care of the property, so there won’t be any dramatic changes, DeCrescentis added

DeCrescentis said the deal exemplifies why his company recently changed its name, which better reflects the services it provides, including capital markets structuring of debt, joint ventures and investment sales. In the case of Stapleton Square, it identified the property, arranged the debt and equity, and closed on that; it paid cash to meet the seller’s timetable, but will be putting a loan on the property. “Our loan wasn’t ready, but we wanted to live up to what we said we’d do,” DeCrescentis said.

“Etkin Johnson was terrific to work with, he said, adding the CBRE team of Ballenger, Vice President Tyler Carner and Kyle McClure “did a terrific job representing their seller.”

“It was a very smooth transaction from our perspective,” DeCrescentis said.

 

Hyatt Place Denver/Westminster Hotel Begins Construction

As Seen In Hotel News Resource – October, 28 2016

Hyatt Place Denver/Westminster Hotel Begins Construction

White Lodging and Etkin Johnson Real Estate Partners announced they have begun construction on a 137-room Hyatt Place hotel in Westminster, Colorado, slated to open in spring 2018. The hotel will be managed by White Lodging Services Corporation.

“We are pleased to partner with Etkin Johnson Real Estate Partners on the Hyatt Place Denver/Westminster, another premium branded hotel development in Westminster,”said Deno Yiankes, president and CEO of White Lodging’s investment and development division. “This development is in line with our strategic development plan to continue investing in premium brands located in high growth markets.”

“We are excited to continue our partnership with White Lodging and the City of Westminster,” said Derek Conn, Director of Finance for Etkin Johnson Real Estate Partners. “We have experienced a great deal of success building the adjacent 164-room SpringHill Suites and the 212-room full service Marriott. With the top-notch team at White Lodging, we are looking forward to the same trend with the Hyatt Place brand.”

The six-story hotel, located at 6865 W. 103rd Ave., will include more than 2,000 square feet of meeting space. The hotel’s lobby will include the Hyatt Place brand’s signature food and beverage options, including The Gallery, a full bar serving wine, beer, spirits and coffee open 24 hours and a complimentary hot breakfast, known as the a.m. Kitchen Skillet, which will feature hot breakfast items, fresh fruit, oatmeal, yogurt, cereal, fresh-baked pastries and more. The hotel will also feature an indoor pool, state of the art fitness center and outdoor patio with a recreation area.

At opening, Hyatt Place Denver/Westminster will be the third White Lodging-managed hotel in Westminster and the 18th throughout the Denver/Boulder metro area.

Centrally located between Denver and Boulder, the hotel will be located northwest of downtown Denver off Highway 36/Boulder Turnpike. The hotel will be situated within a five-minute drive of a multitude of restaurant, retail and corporate demand generators including Ball Corporation, Interlocken Business Park, Oracle, Level 3, IBM, SunCorp and Protogenic. Regional attractions such as the Rocky Mountain National Park, Estes Park, Coors Brewery and the Red Rocks Park & Amphitheatre, as well as the corporate headquarters for DigitalGlobe and Datalogic are all within a short drive. Other nearby businesses includes St. Anthony’s North Hospital, KaiserPermente Health Care, Axion Health, Cerapedics, Flagship Boisciences and Arca Biopharma.

 

 

Etkin Johnson assembles deals to reposition Southpark

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.